Summary
This 8-K filing from Southern Copper Corp. (SCCO), filed on December 1, 1999, reports on events occurring on November 16, 1999. The filing details the company's entry into a Credit Agreement with Chase Manhattan Bank, N.A. This agreement establishes a revolving credit facility with a principal amount of $150 million. The credit facility has a maturity date of November 15, 2001, and is secured by a pledge of the capital stock of Southern Peru Copper Corporation and Cuajone Corporation. This development is significant for investors as it provides Southern Copper Corp. with access to substantial short-term financing. The credit facility can be used for general corporate purposes, including capital expenditures and working capital needs. The presence of a large credit line from a major financial institution like Chase Manhattan Bank suggests confidence in the company's financial stability and operational capacity. Investors should monitor how this credit facility is utilized and its impact on the company's leverage and financial flexibility.
Key Highlights
- 1Southern Copper Corp. entered into a Credit Agreement with Chase Manhattan Bank, N.A. on November 16, 1999.
- 2The agreement establishes a $150 million revolving credit facility.
- 3The credit facility has a maturity date of November 15, 2001.
- 4The facility is available for general corporate purposes, including capital expenditures and working capital.
- 5The credit facility is secured by a pledge of the capital stock of Southern Peru Copper Corporation and Cuajone Corporation.
- 6This provides Southern Copper Corp. with significant financial flexibility and access to capital.