Americas Gold and Silver closes $100m financing with SAF Group
Americas Gold and Silver, a precious metals producer in North America, has closed a $100m (C$136.54m) senior secured debt facility with SAF Group.
This financing is allocated for growth and development capital spending at the company's Galena Complex in Idaho, US.
The term loan facility is structured in three tranches comprising an initial $50m term loan provided at closing, with two additional tranches of $25m each, contingent upon meeting certain conditions precedent.
The first tranche is subject to a minimum secured overnight financing rate (SOFR) plus 6% per annum, with a four-year maturity period. Principal repayments are set to commence one-year post-closing, with quarterly payments thereafter.
The additional tranches, each worth $25m, will become available to Americas Gold upon the fulfilment of specific conditions.
The interest rates for these subsequent tranches will mirror the initial loan's terms, with the second additional tranche having a slightly lower interest rate of SOFR plus 4% per annum after funding.
Americas Gold and Silver chairman and CEO Paul Andre Huet said: 'The Term Loan Facility ensures we have the balance sheet strength to implement our aggressive major growth strategy at the Galena Complex.
'The $100m debt financing is critical to our plans to increase development rates and tonnage mined and reduce unit costs at Galena. The Term Loan Facility has been strategically structured into three tranches to match the pace of our capital plans for a sustained period of robust production growth.'
SAF Group holds senior security over all assets and undertakings of Americas Gold and Silver, except for those related to the Cosalá operations in Sinaloa, Mexico, and the Relief Canyon Project in Nevada, US.
These are secured in priority by Trafigura and Sandstorm, respectively, for the duration of their financing arrangements.
The Term Loan Facility also includes an agreed original issue discount and other fees typical for a facility of this magnitude.
In March last year, Americas Gold announced a modification to its agreement with Eight Capital, leading to an increased private placement offering to raise up to C$7.5m.
"Americas Gold and Silver closes $100m financing with SAF Group" was originally created and published by Mining Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
29 minutes ago
- Yahoo
Authors call on publishers to limit their use of AI
An open letter from authors including Lauren Groff, Lev Grossman, R.F. Kuang, Dennis Lehane, and Geoffrey Maguire calls on book publishers to pledge to limit their use of AI tools, for example by committing to only hire human audiobook narrators. The letter argues that authors' work has been 'stolen' by AI companies: 'Rather than paying writers a small percentage of the money our work makes for them, someone else will be paid for a technology built on our unpaid labor.' Among other commitments, the authors call for publishers to 'make a pledge that they will never release books that were created by machine' and 'not replace their human staff with AI tools or degrade their positions into AI monitors.' While the initial letter was signed by an already impressive list of writers, NPR reports that another 1,100 signatures were added in the 24 hours after it was initially published. Authors are also suing tech companies over using their books to train AI models, but federal judges dealt significant blows to those lawsuits earlier this week.
Yahoo
29 minutes ago
- Yahoo
Tipalti's Darren Upson on the strategic use of AI-driven finance
Tipalti currently serves over 5,000 companies via AI-driven solutions to automate finance operations. These include accounts payable, employee expenses, global pay-outs, procurement, supplier management, and tax compliance. What should excite Tipalti's backers is the sheer scale of the addressable market of prospects not yet using AI-powered finance software. 'There are a huge number of companies, especially those of a more traditional nature, that have not even scratched the surface of automation and what it can do for their businesses,' says Darren is a fully automated, cloud-based platform that simplifies the most complex finance workflows, helping its clients manage end-to-end payables across multiple entities, currencies, and countries—with built-in compliance. And its seamless ERP integrations gives complete visibility and control. So, it eliminates manual work and speeds up the entire payables process, automating everything from invoice approval to global payments and reconciles data seamlessly. That summary is hardly over-techy and should be understandable to even the most basic of business leaders. The Tipalti proposition is boosted by the backing of JPMorgan Chase, which is about as good as it gets if you had the widest possible choice of potential financial backers. Back in 2023, Tipalti raised $150m in growth financing from JPMorgan and Hercules Capital. At the time, it brought total funding to more than $550m and valued the firm at over $8bn. JPMorgan is also one of the major banks Tipalti uses to route its billions of dollars' worth of supplier payments on behalf of its customers. 'We work in the fintech space as an automation platform for accounts payable and also mass payments as well. We are both a software company and a financial services business. We execute payments for our businesses and we handle the whole accounts payable process from start to finish, basically stripping out all of the manual, redundant processes associated with accounts payable. 'As that is the most time-consuming part of finance, we're trying to help organisations, especially those fast-growing businesses, to actually put their people to better use and leverage technology to really do that manual, repetitive work more efficiently, faster and to be more scalable as well.' He says that a typical client firm will be high-growth, pre-IPO outfits that have already embraced automation. They will be firms that understand how automation enables them to be more agile as an organisation. 'The big challenge that exists now is individuals' understanding the art of the possible. There's a lot of people that think that they've already automated everything they can do. But there's always more and with AI tools and the technology that exists out there, there's so many more areas across an organisation that you can automate to create more efficiency, especially when businesses are looking to try and retain and attract talent as well. It's about, how do they make sure that the people that are coming into the workforce now are doing roles that are actually fulfilling and that they enjoy.' In the run up to the UK's Labour government first budget, there was much negative press coverage forecasting doom and gloom if taxes such as capital gains tax were raised. In the end, the rate of increase was not as steep as the most pessimistic forecasts but CGT did rise from 20% to 24% for higher rate taxpayers. And given the track record over history of past Labour governments, further tax rises are more likely than any tax cuts. Upson says that the UK is still the number one destination out of North America for start-ups. 'We've got such a hotbed of talent, and we've got a large banking infrastructure in place as well. So [tax changes] do not mean that the lights are going to go out overnight. But I think that there have to be more incentives to actually attract and support individuals that are looking to build the next big thing.' "Tipalti's Darren Upson on the strategic use of AI-driven finance" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Verge
34 minutes ago
- The Verge
Trump's T1 phone drops its ‘Made in the USA' promise.
Trump's T1 phone drops its 'Made in the USA' promise. This week on The Vergecast , we revisited how the flagship Trump Mobile phone suddenly swapped out its 'Made in the USA' claim for 'Designed with American values in mind.' We already had our guesses about who might really make the T1, but with new specs and screen size, we might have to do another round of investigation.
