Mountain Province Diamonds Completes US$195 Million Cross-Border Debt Refinancing

Bennett Jones acted as legal counsel to Mountain Province Diamonds Inc. in its private placement of US$195,000,000 aggregate principal amount of 9.000% Senior Secured Second Lien Notes due 2025, which refinanced US$189,150,000 aggregate principal amount of the issuer's existing 8.000% Senior Secured Second Lien Notes due 2022. Mountain Province repaid the remaining balance of the existing notes at maturity with cash on hand.

The purchasers of the new notes included entities related to Mountain Province and third-party investors unrelated to the company. The transaction was approved by Mountain Province's disinterested shareholders on December 12, 2022 in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions and the rules of the Toronto Stock Exchange.

The Bennett Jones team was led by Sander Grieve (Mining and Capital Markets) and Oliver Loxley (Debt Capital Markets).