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Endeavour Silver Secures $120 Million Project Loan Debt Facility for Terronera Development

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Endeavour Silver Secures $120 Million Project Loan Debt Facility for Terronera Development

Endeavour Silver Corp. has announced the execution of a credit agreement for a senior secured debt facility of up to $120 million with ING Capital LLC and Societe Generale. The proceeds from this debt facility will be used for the construction of the underground mine and mill at Endeavour's Terronera Project in Jalisco state, Mexico. The facility terms include an 8.5-year term with a 2-year grace period during the construction phase. The debt facility is secured through corporate guarantees and a first-ranking security interest over the Terronera project.

Advancing Terronera Project

Endeavour Silver's CEO, Dan Dickson, expressed excitement about the completion of the project loan, emphasizing the company's commitment to creating shareholder value and fostering economic growth. The partnership with ING and Societe Generale, both esteemed lenders in the mining industry, will support the company's vision for the Terronera Project and its goal of advancing it towards production.

Debt Facility Details

The key terms of the debt facility include a principal amount of up to $120 million on senior secured debt, an 8.5-year term with a 2-year grace period, and quarterly principal payments commencing in the fourth quarter of 2025. The facility also includes provisions for gold and foreign exchange hedging programs, as well as cost overrun funding requirements. In conclusion, Endeavour Silver's successful securing of the $120 million debt facility marks a significant milestone in the development of the Terronera Project. The financial support from ING and Societe Generale will enable Endeavour to progress with the construction and ultimately bring the project into production.

Hot Take: Endeavour Silver's Secured Debt Facility and its Impact on New Businesses

Endeavour Silver Corp.'s recent securing of a $120 million project loan debt facility for the Terronera Project could have significant implications for new businesses, particularly in the mining industry. The partnership with esteemed lenders, ING Capital LLC and Societe Generale, not only bolsters Endeavour's financial position but also underscores the importance of strategic alliances in securing crucial funding.

Strategic Alliances and Project Advancement

The excitement expressed by Endeavour's CEO, Dan Dickson, about the completion of the project loan highlights the critical role of such financial partnerships in advancing major projects. For new businesses, this serves as a valuable lesson in leveraging strategic alliances to secure necessary funding and drive project development.

Understanding Debt Facility Details

The terms of the debt facility, including the principal amount, term length, grace period, and provisions for hedging programs and funding requirements, offer insight into the complexities of such financial agreements. New businesses can learn from Endeavour's experience, gaining a deeper understanding of the intricacies of securing debt facilities. In conclusion, Endeavour Silver's successful securing of the debt facility is a significant milestone that can provide valuable lessons for new businesses. It underscores the importance of strategic financial partnerships and offers insights into the complexities of project financing in the mining industry.
Story First Published at: https://financialpost.com/globe-newswire/endeavour-silver-closes-us120-million-project-loan-debt-facility-to-advance-the-development-of-terronera
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