Largo to retire $8.1 million more 9¼% notes at 105.625 on Jan. 28

By Susanna Moon

Chicago, Jan. 9 – Largo Resources Ltd. said it agreed to repurchase another $8.1 million principal amount of its 9¼% senior secured notes due 2021.

The notes will be repurchased at 105.625 on Jan. 28.

Jefferies LLC is the arranger.

After the repurchase, there will be $37 million of the notes left outstanding, for another reduction of about 18% of the outstanding notes, according to a company announcement.

“Largo continues to make debt reduction a priority and has taken advantage of an additional opportunity to further eliminate a portion of its notes by $8.1 million,” Mark Smith, chief executive officer for Largo, said in the press release.

“This repurchase for cancellation represents a significant decrease of approximately 75% of the company's total outstanding notes since May 2018 which is something the company is extremely proud of.”

The company said on Dec. 31 that it agreed to repurchase $47.8 million of the 9¼% notes for $51.2 million in cash.

The notes will also be repurchased on Jan. 28 at 105.625.

Largo Resources is a Toronto-based strategic minerals company.

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