The company yesterday announced, and executed, a $450 million senior secured credit facility.

The Joint Lead Arrangers for the Facility were HSBC, BMO Capital Markets and National Bank Financial Markets.

Eldorado said the facility comprised a $200 million term loan and a $250 million revolving credit facility, to replace its existing RCF.

It also said it intended to offer up to $300 million of senior secured second lien notes due 2024, with the terms to be determined "on prevailing market conditions".

"Eldorado intends to use the net proceeds of the notes, together with term loan proceeds incurred under a new senior secured credit facility to be entered into in connection with the offering of the notes and cash on hand, to redeem its US$600 million 6.125% Senior Notes due December 2020 and to pay fees and expenses in connection with the forgoing," it said.

"With the expected increase in free cash flow from Kışladağ from the resumption of heap leaching and Lamaque now in commercial production, the company expects to use such cash flow in part to repay the term loan in full."

The company reaffirmed its 2019 production and cost guidance earlier this month - of 390,000-420,000 ounces at cash costs of $550-$600/oz - despite lower sales in the March quarter from Efemcukuru due to a customer contract dispute and shipping delays.

Eldorado shares have ranged from C$3.36-$7.75 over the past year and closed 5.54% higher yesterday to C$4.95.

At that price it is capitalised at $786 million.