British Columbia · CCAA
Affidavit of Brendan Creaney
Affidavit · 19 August 2022
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing6 verified
- secured creditorsnote: Related party: Glencore holds ~26% equity interest in Trevali Corp., is the sole offtake purchaser, and has board appointment rights. Glencore Facility is subordinate/junior to the RC Facility. Exact balance per financial statements as at June 30, 2022 was $12,959 thousand net of fees ($13,001 thousand excluding capitalized transaction fees) - see p.140. · page: 3 · as of: 2022-08-18 · amount: 13000000 · debtor: Trevali Mining Corporation (borrower), guaranteed by Trevali Mining (New Brunswick) Ltd. and other Trevali group members · creditor: Glencore International AG (Glencore Facility) · currency: USD · security: Second-ranking general security agreements over all personal property of Trevali Corp. and Trevali NB, plus second-ranking real property debenture and mortgage granted by Trevali NB. Facility limit $20.0 million (fully drawn - $13.0 million).
- secured creditorsnote: Mandatory prepayment of approximately $7.5 million due Aug 17, 2022 not paid, constituting event of default. Exact balance per unaudited condensed interim financial statements as at June 30, 2022 was $84,270 thousand (net of fees) - see p.133. Facility matures Sept 18, 2022. · page: 4 · as of: 2022-08-18 · amount: 84500000 · debtor: Trevali Mining Corporation (borrower), guaranteed by Trevali Mining (New Brunswick) Ltd. and other Trevali group members · creditor: RC Facility Lenders (syndicate of lenders under Revolving Credit Facility) · currency: USD · security: First-ranking general security agreements over all personal property of Trevali Corp. and Trevali NB, plus first-ranking real property debenture and mortgage granted by Trevali NB, among other security throughout the Trevali organizational structure. Facility limit $135.0 million originally, permanently reduced to $111.9 million as at Dec 31, 2021.
- secured creditorsnote: Regulatory security deposit for mine reclamation obligations (Caribou Mine, New Brunswick). · page: 16 · as of: 2021-12-31 · amount: 3900000 · debtor: Trevali Mining (New Brunswick) Ltd. · creditor: New Brunswick Department of Energy and Natural Resources · currency: USD · security: Cash security on file for Caribou Mine reclamation obligations
- secured creditorsnote: Regulatory security deposit (reclamation bonds). Financial statements report a related surety bond of $5.1 million as at June 30, 2022 (p.134). · page: 16 · as of: 2021-12-31 · amount: 5200000 · debtor: Trevali Mining (New Brunswick) Ltd. · creditor: New Brunswick Ministry of Energy & Natural Resources · currency: USD · security: Reclamation bonds posted for Caribou Mine reclamation obligations
- secured creditorsnote: Regulatory security deposit (letters of credit for reclamation obligations). · page: 16 · as of: 2021-12-31 · amount: 2500000 · debtor: Trevali Mining (New Brunswick) Ltd. · creditor: New Brunswick Department of Environment · currency: USD · security: Letters of credit posted for Caribou Mine reclamation obligations
- financial positionnote: Approximate book values: total assets comprised current assets ~$122 million and non-current assets ~$411.1 million; total liabilities comprised current liabilities ~$157.8 million and non-current liabilities ~$140.3 million. Separately, Trevali Mining (New Brunswick) Ltd. (entity-level, not consolidated) had total assets with book value of approximately $63 million (current ~$15.8M, non-current ~$47.2M) and total liabilities with book value of approximately $177.2 million (current ~$16.9M, non-current ~$160.3M, of which ~$131.4M is intercompany liabilities) as at the same date. · page: 25 · as at: 2021-12-31 · basis: book value · scope: Consolidated - Trevali Mining Corporation and its direct and indirect subsidiaries · currency: USD · total assets: 533000000 · total liabilities: 298100000