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Unformatted text preview: Kettle River –Buckhorn. Fees related to letters of credit under
this facility are 1.00% to 1.25%. On July 30, 2010, the Company entered into an amendment to increase the
amount of the Letter of Credit guarantee facility from $125.0 million to $136.0 million. On June 15, 2012 the
Company entered into a further amendment of the Letter of Credit guarantee facility to increase the amount
from $136.0 million to $200.0 million and extend the maturity date to March 31, 2015. All other terms and
conditions under this facility remained the same. As at December 31, 2012, $164.1 million (December 31,
2011 - $135.1 million) was outstanding under this facility.
In addition, at December 31, 2012, the Company had approximately $44.3 million (December 31, 2011 $41.0 million) in letters of credit outstanding, in respect of its operations in Brazil, Mauritania and Ghana.
These letters of credit have been issued pursuant to arrangements with certain international banks.
The following table outlines the credit facility utilization and availability:
As at December 31,
2011 (in millions)
Utilization of revolving credit facility $ Utilization of EDC facility
Borrowings $ Available under revolving credit facility $ Available under EDC credit facility
Available credit (35.1) $ (55.5) (164.1) (135.1) (199.2) $ (190.6) 1 ,464.9 $ 1 ,144.5 $ 1 ,145.4 35.9
$ 1,500.8 0 .9 Total debt of $2,632.6 million at December 31, 2012 consists of $452.9 million for the debt component of the
convertible senior notes, $983.5 million for the senior notes, $996.6 million for the corporate term loan,
$196.3 million for the Kupol loan, and $3.3 million in finance leases. The current portion of this debt is
$516.2 million at December 31, 2012.
In 2013, the Company expects to repay $523.3 million of debt in cash, including up to $460.0 million of
convertible senior notes, which holders can voluntarily tender for repurchase by the Company (with
settlement for the repurchase due on March 15, 2...
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