OR Royalties Inc. announced that it has amended its existing revolving credit facility (the ?Credit Facility?), including the conversion from a Canadian dollar denominated facility to a United States dollar denominated facility, as well as an increase in the overall size of the Credit Facility. Amounts presented are in United States dollars, except where otherwise noted. Under the amended agreement, the Company has access to a Credit Facility of $650 million with an additional uncommitted accordion of up to $200 million, for a total availability of up to $850 million.
The previous credit facility agreement had a maximum amount of CAD 550 million with an uncommitted accordion of up to CAD 200 million. Advances under the amended Credit Facility are subject to interest at the Secured Overnight Financing Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA) plus 1.45% to 2.75% per annum, depending on the Company?s leverage ratio, unchanged from the previous credit facility agreement. The Credit Facility has a term of four years, maturing on May 30, 2029.
The amended Credit Facility was led by National Bank of Canada and includes Bank of Montréal, Royal Bank of Canada and The Bank of Nova Scotia, as well as Canadian Imperial Bank of Commerce, The Toronto-Dominion Bank, Bank of America N.A. (Canada Branch), Export Development Canada, and Fédération des caisses Desjardins du Québec.
