Apex gets $225 million project financing credit facility

By Sara Rosenberg

New York, Dec. 8 - Apex Silver Mines Ltd.'s subsidiary, Minera San Cristobal, closed on a new $225 million project finance facility due December 2012, according to an 8-K filed with the Securities and Exchange Commission Thursday.

BNP Paribas and Barclays Capital arranged the deal.

Borrowings carry an interest rate of either Libor plus 325 basis points or Libor plus 350 basis points, depending on the tranche.

Proceeds from the loan, which closed Dec. 2, will be used for the development of its 100%-owned San Cristobal open-pit silver-zinc-lead project in southwestern Bolivia.

The initial borrowing under this facility is expected by the end of January 2006 following satisfactory completion of customary conditions precedent, including the filing of liens on project assets and receipt of various consents and approvals.

Apex is a Denver-based explorer and developer of silver properties.

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