The Company has an Amended and Restated Credit Agreement (ARCA) for $250 million which contains an accordion feature of $100 million with a syndicate of banks. The ARCA matures on June 13, 2020. The ARCA is secured by the shares of SG Resources and Tuprag, wholly owned subsidiaries of the Company.
The credit facility contains covenants that restrict, among other things, the ability of the Company to incur aggregate unsecured indebtedness exceeding $850.0 million, incur secured indebtedness exceeding $200.0 million and permitted unsecured indebtedness exceeding $150.0 million. The ARCA also contains restrictions for making distributions in certain circumstances, selling material assets and conducting business other than that which relates to the mining industry. Significant financial covenants include a maximum Net Debt to Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of 3.5:1 and a minimum EBITDA to Interest of 3:1. The Company is in compliance with these covenants at September 30, 2016.
On December 10, 2012, Eldorado Gold completed an offering of US$600 million senior notes at par value, with a coupon rate of 6.125% due December 15, 2020. The notes pay interest semi-annually on June 15 and December 15. The notes are redeemable by the Company in whole or in part, for cash:
Senior Unsecured Debt: B1
Standard & Poor's
Long Term Corporate: BB-
Senior Unsecured Debt: BB-