Specialty metal exploration and development company Wolf Minerals announced it has received an updated and increased credit approval from UniCredit Bank AG, ING Bank N.V. and Caterpillar Financial SARL for ?75 million ($119.5 million) in senior debt finance facilities to fund the commercial development of its Hemerdon Tungsten and Tin project in Devon, in Southwest England.
Wolf mandated the syndicate of lenders to seek credit approval for an increased facility in August of this year, as announced on September 3, 2012.
The company said the continuing support of three globally recognized leaders in mining project finance is a significant milestone for Wolf and a strong endorsement of the company?s confidence in the technical and financial strength of the Hemerdon project.
The financing structure foresees that a portion of the senior loan facilities will be supported by a guarantee provided by the German government?s Untied Loan Guarantee Scheme and a loan guarantee under similar terms by the offtakers, Wolfram Bergbau und H?tten AG and Global Tungsten & Powders. Together, these guarantees will cover 50% of the senior loan facility and are subject to final approval of the guarantors, due diligence and documentation.
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Source: http://www.monitordaily.com/cat-financial-participant-wolf-minerals-financing/
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