Largo Closes BNDES Debt Financing Facility and Converts Subscription Receipts

By Midnight Trader,  July 03, 2012, 11:14:46 AM EDT

Largo Resources Ltd. (LGO.TO) today announced that it has entered into a definitive agreement with the Business Development Bank of Brazil for a Brazilian Reais R$333 million (approximately US$166million equivalent) debt financing facility for its Maracas Project in Bahia, Brazil. As a condition precedent to the Facility, the Company has also entered into a guarantee agreement with a consortium of commercial banks in Brazil, led by Banco Itau BBA S.A. and including Banco Votorantim S.A. and Banco Bradesco S.A., to secure the Facility.

The first disbursement by BNDES of approximately R$57 million of the Facility to Largo is expected to occur on or around July 16, 2012.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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