IAMGOLD Boosts Credit Line to $850M, Extends Maturity to 2030
IAG•IAMGOLD increased its senior secured revolving credit facility from $650 million to $850 million, extended maturity to June 17, 2030 and added an accordion for up to $250 million. The undrawn facility now bears SOFR plus 1.875%–2.875% margin, widens pricing grid, raises leverage covenant to 4.0x and cuts standby fees.
1. Facility Increase and Extension
IAMGOLD amended its senior secured revolving credit facility, raising total commitments from $650 million to $850 million and extending the maturity date to June 17, 2030 from December 20, 2028. The agreement includes an accordion feature allowing up to an additional $250 million in commitments subject to lender approval, and the facility remains undrawn.
2. Improved Pricing and Covenant Flexibility
The amended terms lower the applicable interest rate to SOFR plus a margin of 1.875%–2.875%, compared with the previous 2.75%–3.75% range, while broadening the pricing grid and increasing the maximum total net leverage covenant to 4.0x. Standby fees have also been reduced without additional notional cost, reflecting stronger balance sheet metrics.
3. Strategic Impact on Financial Position
By boosting its undrawn liquidity capacity and cutting borrowing costs, IAMGOLD strengthens its funding flexibility to support operating portfolio advancement and internal growth projects. Lower financing costs and enhanced covenant thresholds position the company to optimize capital allocation and pursue exploration and development initiatives.
