iagIAMGOLD Corp (USA) (NYSE:IAG) announced that it has signed definitive agreements with a banking syndicate to refinance its expiring unsecured revolving credit facility with a $250 millionfacility consisting of a fully committed $100 million secured and immediately available revolving credit facility with an option to potentially add a further $150 million (the “Corporate Facility”).

“IAMGOLD’s balance sheet is strong, its bonds are not due until October 2020, and the Company ended 2015 with approximately$700 million in cash and bullion that contribute to its peer-leading net cash position, ” said Carol Banducci, EVP and Chief Financial Officer.  “The $250 million credit facility reflects current market conditions and is appropriate for the size and financial liquidity requirements of the Company.  We do not expect to draw upon the facility in the foreseeable future.”

The new Corporate Facility will expire in February 2020 and the accordion is available under the same terms and conditions.  The Corporate Facility was led and arranged by National Bank of Canada and Deutsche Bank. The Company is currently in discussions with other lenders with regards to participation in the potentially larger facility on the basis of terms already agreed with the lead lenders.

The Company’s existing Letters of Credit revolving credit facility (“LC Facility”), which allow for the issuance of letters of credit in support of certain asset retirement obligations, remains in place. (Original Source)

Shares of IAMGOLD closed today at $1.51, up $0.06 or 4.14%. IAG has a 1-year high of $2.74 and a 1-year low of $1.15. The stock’s 50-day moving average is $1.43 and its 200-day moving average is $1.59.

On the ratings front, IAG has been the subject of a number of recent research reports. In a report issued on January 20, Canaccord Genuity analyst Tony Lesiak upgraded IAG to Hold. Separately, on November 25, Morgan Stanley’s Brad Humphrey initiated coverage with a Sell rating on the stock and has a price target of $1.35.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Tony Lesiak and Brad Humphrey have a total average return of -13.9% and -10.9% respectively. Lesiak has a success rate of 41.4% and is ranked #3356 out of 3622 analysts, while Humphrey has a success rate of 43.8% and is ranked #3091.

Iamgold Corp is a gold mining company. The Company explores, develops and operates gold mining properties. It also operates the niobium mine.