By Adriano Marchese
Barrick Gold Corp. shares rose in early trading Thursday after the company said it extended the termination date of its $3 billion revolving loan by a year to May 2027.
At 10:01 a.m. ET, shares were up 3.8% at C$26.40.
The Canadian miner said that it completed an amendment and restatement of its $3 billion revolving credit facility, which includes an extension to May 2027.
As part of the amendments, the company said it has replaced the London interbank offered rate, or LIBOR, with Secured Overnight Financing Rate, also known as SOFR, as the floating rate mechanism related to the interest rate for any U.S. dollar funds drawn down.
Barrick also said that it has incorporated sustainability-linked metrics to the loan which are made up of annual environmental and social performance targets.
The targets include scope 1 and scope 2 greenhouse gas emissions intensity, which are emissions that are created through its operations and the energy it sources.
They also include water use efficiency and total recordable injury frequency rate.
Depending on the performance relative to its set targets, Barrick may incur positive or negative pricing adjustments on its drawn credit spreads and fees, it said.
Write to Adriano Marchese at email@example.com
(END) Dow Jones Newswires