Altius Renewable Royalties Corporation announced that certain subsidiaries of ARR?s 50% owned Great Bay Renewables joint venture (such subsidiaries are collectively referred to herein as ?Great Bay), have entered into senior secured credit financing agreements in the aggregate amount of $247 million. The financing includes a $123.5 million initial term facility (ITF), a $100 million delayed draw term facility (Delayed Draw Facility), and a $23 million letter of credit facility (L/C), with the two term facilities qualifying for green loan eligibility. Great Bay is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management Inc. (Apollo).

MUFG Bank and Natixis Corporate & Investment Banking (?Natixis CIB?) are Coordinating Lead Arrangers, Bookrunners, Syndication Agents and hedge providers with respect to the facilities. Key terms of the credit facility are as follows: Subject to certain conditions precedent, initial draw of $123.5 million of the ITF to be used for closing costs and return of capital to the shareholders, ARR and Apollo. The joint owners intend to reinvest the debt proceeds back into GBR as future royalty investment opportunities arise.

Subject to certain conditions precedent, Delayed Draw Facility of $100 million available in tranches for future royalty acquisitions, with the amount available to Great Bay to be determined based on expected revenue parameters, with adjustment factors for merchant vs. contract weighting and renewable energy source. The Delayed Draw Facility will be available for the first 3 years of the term.

$23 million LC to accommodate debt service reserve requirements and for development stage renewable royalty investment support. Initial term of 5 years for the credit facilities. Repayments based on expected interest rates based on a 20 year amortization period.

Repayable anytime without penalty. Interest payments are expected to be met by existing operating royalty cash flow. A pledge of equity and security in the form of first i en on existing cash generating assets or expected near term cash generating assets of Great Bay, along with a pledge of the equity in the subsidiary holdings of its developer investments (including Hodson, Hexagon, Bluestar and Tri Global Energy investments).

The credit facility agreements contain customary representations and warranties, covenants and events of default (subject to customary grace and cure periods).