Extension of US$150m Revolving Credit Facility
US$150m revolving credit facility extended to January 2027 with additional US$75m accordion option for royalty acquisitions.
- Revolving credit facility US$150m
- Accordion feature for royalty acquisitions up to US$75m
- Potential total borrowing capacity US$225m
- Maturity date January 2027
- Interest rate SOFR plus 2.25% to 4.00%
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Ecora Resources PLC (LSE/TSX: ECOR) announces that it has entered into an amendment and extension of its $150 million revolving credit facility agreement with its existing syndicate of Scotiabank, CIBC and RBC. The agreement also includes an uncommitted accordion feature of up $75 million to be used to fund royalty acquisitions which, if implemented, would take the potential borrowing capacity up to $225 million.
The facility has a maturity date of January 2027 with the potential to extend the tenor twice by up to 12 months on each occasion, is largely on the same terms as the previous facility and will be subject to SOFR plus a ratchet between 2.25% and 4.00%, depending on leverage levels.
Commenting on the refinancing, CFO, Kevin Flynn said:
"The continued and enhanced support from our lenders is a strong endorsement of our business and strategy. We have a clear growth strategy and this new facility provides us with additional capacity to continue to build what is the leading portfolio of royalties over commodities essential to a more sustainable future. We are, as always, grateful for the support of our syndicate and look forward to continuing to partner with them as we grow our business."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.