IAMGold in expanded credit facility to lower debt, improve capital structure

IAMGOLD (IAG) is pleased to announce that the company and its syndicate of lenders have executed an amendment to its existing secured revolving credit facility. Under the amendment, the term has been extended to four years now maturing on December 20, 2028 and the Facility size has been increased from $425M to $650M. The expanded Facility will be available for general working capital purposes and provides flexibility as the Company looks to lower the cost of its debt and improve its capital structure in 2025. “We would like to thank our lenders for their continued support and confidence in IAMGOLD,” commented Renaud Adams, President and Chief Executive Officer of IAMGOLD. “The upsize to the credit facility will position the company well as it provides additional flexibility to potentially lower the cost of our debt, as the make-whole premium expires on our 2nd Lien Term Loan in May and assuming no unforeseen changes in the operating or macroeconomic environment. As we look into next year, IAMGOLD is positioned to generate significant cashflows following the termination of the gold prepayment arrangements mid-year, coupled with the expectation of strong mine-site free cashflow at Essakane, Westwood, and Cote Gold – which is expected to achieve nameplate production later in 2025. Together, this will allow IAMGOLD to begin the important process of de-levering the balance sheet and put in place a more efficient capital structure.”