Centerra Gold upsized its revolver to $600M with tighter SOFR-plus pricing. The undrawn facility runs to 2030 and backs acquisitions and capex. Lenders include Scotiabank, RBC, and ING.
Centerra Gold has extended and upsized its revolving credit facility to $600 million, up from $400 million, with better pricing terms. The four-year facility matures July 2030 and carries an interest rate of SOFR plus 1.875% to 3.000%, depending on the company's net leverage ratio. That's an improvement from the previous range of 2.25% to 3.25%.
No money is drawn under the line as of July 15. The company said the expanded facility will support general corporate needs, including working capital, investments, potential acquisitions, and capital spending.
The Bank of Nova Scotia and National Bank of Canada led the syndicate. Other lenders include ING Capital, Royal Bank of Canada, Bank of Montreal, PNC Bank Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, and Citibank's Canadian branch. Scotiabank is the administrative agent.
Centerra operates two mines: Mount Milligan in British Columbia and Öksüt in Türkiye. It also owns the Kemess project in B.C., the Goldfield project in Nevada, and a molybdenum business in the U.S. and Canada. The company's Alpha Score sits at 55 out of 100, a Mixed label in the Basic Materials sector. Its stock page is CGAU.
The credit line's size and pricing signal that lenders see the balance sheet as manageable. Centerra's net leverage ratio determines the margin, so keeping debt low directly cuts interest costs. The facility runs through mid-2030, well past the current mine-life horizons at both operating sites.
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