Trevali Enters into Amended and Restated Credit Agreement with Existing Lenders and Secures Facility with Glencore

VANCOUVER, British Columbia, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Trevali Mining Corporation (“Trevali” or the “Company”) (TSX: TV; OTCQX: TREVF) is pleased to announce today that it has entered into a second amended and restated credit agreement with a syndicate of lenders for an up to US$150 million first lien secured revolving credit facility, (the “Amended Revolving Credit Facility”). In addition, the Company has entered into an up to US$20 million second lien secured facility agreement with Glencore Canada Corporation, an affiliate of the Company’s largest shareholder, Glencore plc (“Glencore”) (the “Glencore Facility” and together with the Amended Revolving Credit Facility, the “Facilities”). Glencore holds approximately 26.3% of the issued and outstanding common shares of the Company. A special committee of the Company has reviewed the terms of the Facilities and has recommended that the board of directors of the Company (the “Board”) approve the Facilities.

In combination, the two facilities provide additional liquidity to Trevali in the amount of up to US$45 million and consist of the following:

• The minimum liquidity requirement under the Amended Revolving Credit Facility has been eliminated making available up to an additional US$15 million.
• The availability under the Amended Revolving Credit Facility has been increased to $135 million making available up to an additional US$10 million. 
• A second lien secured facility agreement with Glencore which is based on 2020 deliveries of concentrate making available up to an additional US$20 million.

Ricus Grimbeek, President and CEO commented, “We are pleased to announce that Trevali has secured additional liquidity of up to $45 million at a competitive interest rate from our long-term and supportive lending group and Glencore, our largest shareholder and partner. With these facilities, and a covenant waiver until the end of the year in place, our immediate liquidity concerns are behind us. We can now focus our efforts on our other two main priorities; safely delivering on the T90 program to sustainably reduce our cost structure and permanently de-levering the balance sheet.”