Noranda Income Fund secures bridge loan

Dec 03, 2010 | 12:25 PM |

Noranda Income Fund agreed to pay its shareholder Xstrata Canada Corp. around $500,000 in return for credit support for a Canadian $250 million ($249 million) bridge loan that will secure the future of North America's second-largest zinc refinery.

The bridge loan, due June 2, 2011, from a consortium of banks, will satisfy loans and give the fund time to negotiate longer-term financing.

A syndicate of lenders led by Canadian Imperial Bank of Commerce and the Bank of Nova Scotia have stumped up a C$130-million ($129-million) loan to partly repay outstanding senior secured notes of C $153.3 million ($152 million) maturing Dec. 20.....

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