Imperial Amends Senior Credit Facility Covenants
VANCOUVER, BC--(Marketwired - February 10, 2017) - Imperial Metals Corp. (the "Company") (TSX: III) reports that it has amended certain financial covenants under the senior secured revolving credit facility for the March 31, June 30, and September 30, 2017 reporting periods.
The financial covenants for these periods have been revised as follows:
- A minimum EBITDA test to replace the fixed charge coverage ratio
- An increase to the maximum total debt to EBITDA ratio
- An increase to the maximum secured debt to EBITDA ratio
- A reduction to the minimum liquidity test for the period April 1, 2017 to December 1, 2017
The interest rate charged under the senior secured revolving credit facility varies with the Company's financial leverage. A new interest rate bracket has been added to reflect the revised maximum leverage.
About Imperial
Imperial is a Vancouver based exploration, mine development and operating company. The Company, through its subsidiaries, owns the Red Chris and Mount Polley copper/gold mines in British Columbia, and the Sterling gold mine in Nevada. Imperial also holds a 50% interest in Huckleberry Mines Ltd. and in the Ruddock Creek lead/zinc property, both in British Columbia.
Contact
Company Contacts
Brian Kynoch
President
604.669.8959
Andre Deepwell
Chief Financial Officer
604.488.2666
Steve Robertson
Vice President Corporate Affairs
604.488.2669
Gordon Keevil
Vice President Corporate Development
604.488.2677
Sabine Goetz
Shareholder Communications
604.488.2657
investor@imperialmetals.com