|Newcrest Mining Ltd. - NCM (ASX) is one of the world’s top five gold mining companies by reserves and market capitalization.|
Newcrest operates mines in four countries, and has a global workforce exceeding 19,000.
"Newcrest has signed agreements to extend the term of its unsecured bilateral bank lending facilities on improved terms and conditions for Newcrest, as well as reducing the quantum. Over the 22 months to 30 April 2016 Newcrest has strengthened its balance sheet by using its strong free cash flow to reduce net debt by USD 1.33 billion, with USD 277 million of this net debt reduction occurring since 1 January 2016.
This strong free cash flow performance has also enabled the Company to reduce its committed bank facilities from USD 3.15 billion to USD 2.40 billion, a reduction of USD 750 million. The renewed facility agreements are with 12 bank lenders who will each commit USD 200 million. The facilities will have tenors of between three and five years as follows: USD 1,200m in FY19; USD 300m in FY20; and USD 900m in FY21 Drawdown under the renewed bilateral bank lending facilities is subject to conditions precedent.