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| Home : Timminco Provides Update on Senior Credit Facility |
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Dec 16
2011 |
Timminco Provides Update on Senior Credit Facility |
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TORONTO, ONTARIO--(Marketwire - Dec. 15, 2011) - Timminco Limited ("Timminco" or the "Company") (TSX:TIM) announced that its senior secured lender, Bank of America, N.A., Canada branch, has increased the availability reserve under the Company's revolving credit facility by $3 million. This increase effectively precludes any further advances to the Company under this facility, given the Company's borrowing base of eligible inventories and receivables, which was approximately $7 million as at the beginning of December, less the existing availability block of $5 million under the facility. There is currently no amount outstanding under the Company's revolving credit facility with Bank of America. |
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| Source:http://www.marketwire.com/mw/release.do?id=1599400&sourceType=3 |
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