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SALABERRY-DE-VALLEYFIELD, QUEBEC--(Marketwire - April 15, 2011) - Noranda Income Fund (the "Fund") (TSX:NIF.UN) today announced that its wholly-owned subsidiary, Noranda Operating Trust (the "Operating Trust"), intends to exercise, on or before May 2, 2011, its option to extend the $250 million bridge credit facility (subsequently reduced in accordance with its terms to $245 million) obtained from a syndicate of lenders on December 2, 2010 for an additional six months. Upon extension, the bridge facility will be available to the Operating Trust until December 1, 2011. The covenants that restrict the Fund and its subsidiaries in several respects, including their ability to make distributions or redeem or repurchase units, will remain in effect for the extension period. Also, in accordance with the terms of the bridge facility, upon extension, a payment of approximately $1.84 million will be made by the Operating Trust to |
