McEwen Mining (NYSE: MUX) (TSX: MUX), a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, has taken a significant step in reducing its debt. The company has repaid $25 million of its senior secured debt; the payment was made to Sprott Resource Lending, resulting in Sprott no longer being a lender to the comp in senior secured debt along with a $15 million unsecured promissory note for a total debt of $65 million. Following the repayment to Sprott, the company noted that its senior secured debt had been amended and restated to total $40 million, with a monthly interest at 9.75% per annum; in addition, the promissory note was extinguished. Currently, the company’s sole lender is an entity owned by Rob McEwen, MUX chairman and chief owner Rob McEwen. The transaction has resulted in annual borrowing costs for the company decreasing by approximately 36%, to an estimated $2.2 million. The company noted that the reduction of debt was funded through the secondary sale of McEwen Copper shares to FCA Argentina S.A. and Nuton LLC; those sales raised $47 million in gross proceeds.
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About McEwen Mining Inc.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, the company owns approximately 52% of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. The company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Rob McEwen, chair and chief owner, has personal investment in the company of $220 million; his annual salary is $1. To learn more about the company, visit www.McEwenMining.com.
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