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Revolving Credit Facility

The Company has a Third Amended and Restated Credit Agreement (TARCA) for $450 million with a syndicate of banks. The TARCA consists of a $200 million term loan and a $250 million revolving credit facility and matures on May 13, 2023. The TARCA is guaranteed by SG Resources, Tuprag, Eldorado Gold (Greece) BV, Eldorado Gold (NL) BV, Integra Gold and Integra Gold (Quebec), all wholly owned subsidiaries of the Company.

The credit facility contains covenants that restrict, among other things, the ability of the Company to incur additional secured and unsecured indebtedness. The TARCA also contains restrictions for making certain distributions, selling material assets and conducting business other than that which relates to the mining industry. Financial covenants include a maximum Net Debt to Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) ratio and a minimum EBITDA to Interest ratio.

Senior Notes

On June 5, 2019, Eldorado Gold completed an offering of US$300 million senior second lien notes at 98% of par, with a coupon rate of 9.50% due June 1, 2024. The notes pay interest semi-annually on June 1 and December 1. The notes are redeemable by the Company in whole or in part, for cash:

  • On and after the dates provided below, at the redemption prices, expressed as a percentage of principal amount of the notes to be redeemed, set forth below, plus accrued and unpaid interest on the notes:
    • Dec. 1, 2021: 107.125%
    • Dec. 1, 2022: 100.000%

Current Credit Ratings

Moody's
Senior Unsecured Debt: B2
Liquidity: SGL-2
Outlook: Stable

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Standard & Poor's
Long Term Corporate: B
Senior Unsecured Debt: B
Outlook: Stable

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