North American Palladium Ltd. Amends $130 Million Senior Secured Term Loan with Brookfield Capital Partners Ltd
Dec 2 13
North American Palladium Ltd. announced that it has amended its $130 million senior secured term loan with Brookfield Capital Partners Ltd. resulting in an additional advance of $21.4 million of cash to support working capital needs and continue funding operating and capital expenditures at its Lac des Iles palladium mine. The cash received consists of an additional $15 million added to the existing facility and a refund of $6.4 million of cash interest previously paid to Brookfield. Pursuant to the amendment, the interest rate will be recalculated as if NAP had elected to accrue interest on the loan from the date of the original closing (June 7, 2013), resulting in a 4% increase of the interest rate from 15% to 19% until the company reverts to cash interest payments. After the company reverts to cash interest payments, the interest rate returns to 15% per annum on the principal amount outstanding, which includes capitalized interest. As a result of the retroactive application of the 19% interest rate to June 7, 2013, an aggregate $169.7 million principal is outstanding under the loan consisting of: $148.9 million of loan and capitalized commitment fees; $12.7 million of accrued and capitalized interest; and $8.1 million of a capitalized amendment fee. The loan amendment also includes modifications to existing covenants and the company estimates that it will record a non-cash loss of approximately CAD 14.5 million in the fourth quarter of 2013 related to the accounting treatment of the amendment. The additional proceeds are expected to support NAP's working capital needs and enable the company to continue funding its operating and capital expenditures.
North American Palladium Ltd. Presents at Scotiabank 14th Annual Mining Conference, Dec-04-2013 09:15 AM
Nov 23 13
North American Palladium Ltd. Presents at Scotiabank 14th Annual Mining Conference, Dec-04-2013 09:15 AM. Venue: Ritz Carlton, 181 Wellington St W., Toronto, ON M5V 3G7, Canada.
North American Palladium Ltd. Reports Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended Sep. 30, 2013; Provides Capex Guidance for the Year 2013
Nov 14 13
North American Palladium Ltd. reported unaudited consolidated earnings and production results for the third quarter and nine months ended Sep. 30, 2013. For the quarter, the company reported revenue of CAD 33,348,000 against CAD 36,193,000 a year ago. Income from mining operations was CAD 1,179,000 against CAD 193,000 a year ago. Loss from continuing operations before taxes was CAD 5,324,000 or CAD 0.03 per diluted share against CAD 5,908,000 or CAD 0.04 per diluted share a year ago. Loss and comprehensive loss for the period was CAD 5,324,000 or CAD 0.03 per diluted share against CAD 8,046,000 or CAD 0.05 per diluted share a year ago. Cash provided from operations was CAD 2,022,000 against CAD 5,174,000 a year ago. Additions to mining interests (net) amounted to EUR 26,885,000 compared to EUR 34,088,000 a year ago. EBITDA was CAD 3.8 million for the third quarter, compared to CAD 0.1 million in the same quarter last year. Adjusted EBITDA was CAD 3.2 million in the third quarter, compared to CAD 4.4 million in third quarter last year. Capital expenditures in the third quarter amounted to CAD 26.9 million, of which CAD 22.1 million was invested in the LDI mine expansion (excluding CAD 6.2 million of capitalized interest) and CAD 3.9 million was spent primarily on the tailings management facility.
For the nine months, the company reported revenue of CAD 113,651,000 against CAD 118,336,000 a year ago. Income from mining operations was CAD 2,088,000 against CAD 10,399,000 a year ago. Loss from continuing operations before taxes was CAD 36,949,000 or CAD 0.20 per diluted share against CAD 7,664,000 or CAD 0.06 per diluted share a year ago. Loss and comprehensive loss for the period was CAD 34,440,000 or CAD 0.19 per diluted share against CAD 12,027,000 or CAD 0.08 per diluted share a year ago. Cash provided from operations was CAD 2,338,000 against CAD 17,651,000 a year ago. Additions to mining interests (net) amounted to EUR 92,758,000 compared to EUR 103,370,000 a year ago. EBITDA totaled CAD 0.4 million and adjusted EBITDA totaled CAD 12.0 million.
For the nine month period ended September 30, 2013, capital expenditures totaled CAD 92.8 million, including an investment of CAD 75.9 million in the LDI mine expansion (excluding CAD 12.1 million of capitalized interest) and CAD 16.9 million investment in other sustaining capital expenditures at LDI (including CAD 13.7 million investment in the TMF).
In the third quarter of 2013, the company's LDI mine produced 30,097 ounces of payable palladium, ore mined were 542,917 tonnes. During the third quarter, 63 holes were drilled at LDI totaling 21,518 metres, for a total of 212 holes and 40,222 metres drilled to date as at September 30, 2013. Drilling in the third quarter was predominately focused on the upper Offset Zone southeast extension target and the Roby Zone northeast extension target.
During the nine months, the company produced 104,180 ounces of payable palladium at the Lac des Iles.
The company maintains its capital expenditure budget of approximately CAD 130 million for 2013.