...April 13, 2023 TORONTO (S&P Global Ratings) April 13, 2023--S&P Global Ratings today assigned its preliminary '###+' issue-level and '3' recovery ratings to Conuma Resources Ltd.'s (Conuma) proposed US$250 million senior secured notes due 2028. The '3' recovery rating on the secured debt indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for secured debtholders in the event of a default. We expect Conuma will use net proceeds from the new US$250 million secured notes to refinance its existing US$158 million senior secured notes due in May 2023 at par and repay the balance outstanding under its unsecured large employer emergency financing facility (LEEFF) loans (about US$57 million). In addition, Conuma intends to upsize its revolving credit facility to US$27.5 million from US$22.5 million and extend its maturity to 2027 from 2023. We expect the new senior secured notes will rank pari passu with all of Conuma's existing and future secured debt and will have...
