The Harry Winston Diamond Corporation announced that it has completed a senior secured revolving credit facility with Standard Chartered Bank for $100 million.



A company press release said that the financing deal has an initial maturity date of June 24, 2013 with two one-year additional extensions at Harry Winston's option. There are no scheduled repayments required before maturity. The facility is available to the Company and Harry Winston Diamond Mines Ltd. for general corporate purposes.



The diamond company's CEO Robert Gannicott commented: "With diamond markets recovering strongly, and capital expenditures for the Diavik Diamond Mine underground development essentially complete, the Company's cash position is building and there is no "normal-course" need to draw on this debt facility. It does, however, provide strengthened liquidity for the Company going forward."



Borrowings will bear an interest margin of 3.5%. The diamond company is required to comply with financial covenants at the mining segment level customary for a financing of this nature with change of control provisions at the Company and Diavik Diamond Mines level.