Triple Flag enlarges undrawn credit facility by $700m
Streaming and royalty company Triple Flag Precious Metals has managed to enlarge its existing undrawn revolving credit facility and improve its terms.
Under the amended agreement, Triple Flag has a credit facility of $1-billion with an additional uncommitted accordion of up to $300-million. This represents an increase of $700-million to the prior credit agreement.
Advances under the renewed credit facility are subject to interest at Secured Overnight Financing Rates (SOFR) plus 1.325% to 2.75% a year, depending on the company’s leverage ratio.
The amended interest rate spreads above SOFR have been reduced by 12.5 basis points at the lower end of the range, when compared to the previous credit facility agreement.
The credit facility has a term of four years, maturing in May 2030.
The amended credit facility was jointly led by National Bank Capital Markets (administrative agent), Bank of Nova Scotia and Canadian Imperial Bank of Commerce.
The syndicate includes Royal Bank of Canada, Toronto-Dominion Bank, Bank of America, Bank of Montreal and UBS.
Triple Flag has 241 gold and silver streaming and royalty assets consisting of 16 streams and 225 royalties in particular, mostly in the Americas and Australia regions.
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