Mirabela Nickel Ltd. (MNB.TO) said that it has drawn down US$50 million under the US$80 million bridge financing facility recently announced with Barclays Plc (BCS, BARC.L) and Credit Suisse (CS). The company said that with construction of the Santa Rita project more than 50% complete, ongoing funding of the project has moved from equity to debt.
In addition to the bridge facility, Barclays and Credit Suisse have underwritten a US$280 million term loan facility to be syndicated later this year, whereupon the bridge facility will be repaid.
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