Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA: 2D9) has announced that in relation to the Export Credit Agency (ECA) supported project financing of up to US$158M, the company has appointed Banco Santander, S.A. (Santander) as MLA for the Lagoa Salgada Project in Portugal.
Mark Brennan, executive chairman, commented, “We are very pleased to have Santander as our Mandated Lead Arranger for our project financing in partnership with UKEF, and look forward to working with these two experienced and respected institutions and their respective teams. The initiation of the project financing process is the next step to make Lagoa Salgada the next producing mine on the Iberian Pyrite Belt.”
The company received several compelling bids, and together with its advisors the bids were evaluated based on ECA project finance experience, execution capabilities, and ultimately the financial terms for the project financing.
The company has stated that Santander is a well-respected global institution with extensive experience in ECA financing, a significant presence in Portugal and a longstanding relationship with UKEF. This, together with the competitive and compelling terms presented for the financing were the basis for the company awarding the mandate to Santander.
The UKEF backed facility is expected to be for up to US$158M on a non-recourse project financing basis for a total tenor of 7.5 years. The funding will cover 70% of the expected project capital expenditures for the Lagoa Salgada Project.
To find out more, please visit www.ascendantresources.com
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