Baja Mining Corp.: MMB Issues US$340 Million Corporate Bond & Repays Project Financing Senior Facilities & KDB Subordinated D...
May 13 2014 - 7:45AM
Marketwired
Baja Mining Corp.: MMB Issues US$340 Million Corporate Bond and
Repays Project Financing Senior Facilities and KDB Subordinated
Debt
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2014) - Baja
Mining Corp. ("Baja" or the "Company")
(TSX-VENTURE:BAJ)(OTCQB:BAJFF) is pleased to announce that it has
been advised by Minera y Metalúrgica del Boleo, S.A. P.I. de C.V.
("MMB") and Korea Resources Corporation ("KORES") that MMB has
completed the issuance of a US$340 million corporate bond with a
fixed annual interest rate of 2.875% and repayment due May 7, 2019,
fully backed by a KORES guarantee. MMB has further advised the
Company that it has used approximately US$288 million of the bond
proceeds to repay in full and close the remaining 2010 Project
Financing senior facilities, as well as the Korean Development Bank
subordinated debt. The Company expects the remaining proceeds of
the bond to be used to fund a significant portion of the balance of
the Boleo Project construction completion.
The Company understands that following the repayment in full by
MMB of the outstanding principal and interest amounts and
commitment and break fees, the 2010 Project Financing senior
facilities are effectively terminated and, upon finalization of the
termination and release documentation, the Company expects that it
will no longer be liable as a guarantor of any amounts borrowed by
MMB, nor liable in respect of any overall economic completion
guarantee for the Boleo Project.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This
press release contains forward-looking statements or
forward-looking information (forward-looking statements). These
statements can be identified by expressions of belief, expectation
or intention, as well as those statements that are not historical
fact. Forward-looking statements involve a number of risks,
uncertainties and assumptions that could cause actual results or
events to differ materially from those expressed or implied by the
forward-looking statements. Forward-looking statements contained in
this press release are based on our current estimates, expectations
and projections, which the Company believes are reasonable as of
the current date. Actual results could differ materially from those
anticipated or implied in the forward-looking statements and as a
result undue reliance should not be placed on forward-looking
statements. Additional risks and uncertainties can be found in the
Company's reporting documents filed on SEDAR (www.sedar.com),
including its Management Discussion and Analysis and Annual
Information Form. Forward-looking statements are given only as at
the date of this press release and the Company disclaims any
obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Baja Mining Corp.Tom OgryzloInterim
CEO604-685-2323info@bajamining.comwww.bajamining.com
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