Baja Mining Taps Unicredit for $515m Loan

Baja Mining mandated Unicredit to lead a $475m 12-year term loan facility and $40m cost overrun facility. The term loan is will pay in the 150bp over Libor range, according to bankers away from the deal. Proceeds will be used to partly finance the development of Baja’s El Boleo project in Baja California Sur, Mexico. While mining deals have been well received by the market, there have been virtually no Mexican loans in the sector in the past two years.