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Friday, March 26, 2010

Iamgold (NYSE:IAG): New Credit Facility

Iamgold (NYSE:IAG) has expanded its existing $140-million secured, revolving credit facility to a $350-million unsecured, revolving credit facility, the company stated Friday.

According to Iamgold, the larger facility has improved the conditions and terms of the credit, and will expire on March 2013.

Iamgold will also enter into a $50-million facility, which will allow for the issuance of letters of credit in support of certain asset retirement obligations of the company,

Like much of the gold market, Iamgold climbed higher Friday, up 1.67 percent near the close.

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