Mercator Minerals gets $130 million senior secured credit facility

By Sara Rosenberg

New York, April 26 - Mercator Minerals Ltd. closed on its $130 million senior secured credit facility, according to a news release.

Société Générale and WestLB acted as the joint bookrunners and joint lead arrangers on the deal. Credit Suisse and Barclays were also lead arrangers.

The facility consists of a $100 million term loan due March 31, 2016 and a $30 million four-year revolver.

Pricing is initially set at Libor plus 450 basis points, with grid pricing tied to the debt service coverage ratio following the first scheduled repayment of the term loan and completion of phase 2 expansion to 50,000 tpd.

Proceeds will be used to repay the company's $120 million of 11½% senior secured notes due Feb. 16, 2012.

Mercator Minerals is a Vancouver-based mining company.

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