Fruta del Norte gold project

Overview:

• Aurelian Ecuador obtained a $350 million credit facility from Bank Of Nova Scotia, Caterpillar Financial Services, Ing Capital, Natixis, SGAmericas Securities, Bank of Montreal and KFW Ipex-Bank.
• The credit facility included two tranches, a $250 million senior commercial facility and a $100 million senior covered facility under a raw material guarantee provided by Finnvera. 
• Though the transaction closed in July 2018, on April 2 2019, Aurelian drew $159 million under its senior secured debt facility.  
• The borrower will use the proceeds from the financing to develop the Fruta del Norte gold project. 

Rani Mehta - Latin America Editor