North American Palladium to be recapitalized by Brookfield
Canadian precious metals producer North American Palladium Ltd (NAP) (TSX: PDL) has agreed to a recapitalization deal with Brookfield Asset Management's private equity group. Subject to receipt of a superior proposal prior to June 30, 2015, the deal will, among other things, see amounts owing to Brookfield converted into equity, giving Brookfield 92 percent of NAP's outstanding common shares. Following the deal's closing, the company will undertake a $50 million rights offering to raise equity. The offering will be backstopped by Brookfield and other parties. Brookfield has also provided a US$25 million interim credit facility to permit continued operations of the company's Lac des Iles mine in Ontario.
16 April 2015•5 mins read
