24th Sep 2018 09:19
LONDON (Alliance News) - Natural resources royalties firm Anglo Pacific Group PLC on Monday doubled the size of its revolving credit facility.
Anglo Pacific now has a USD60 million facility, agreed with Barclays PLC and Investec PLC. Scotia Bank has now also joined the syndicate.
There is also a USD30 million accordion, the firm said, and last for three years with the option for an extra 12 months exercisable after the first 18 months. The margin is LIBOR plus 275 basis points, and in the last twelve months, not including an extension, it will reduce to USD40 million.
Chief Financial Officer Kevin Flynn said: "We are pleased to announce the refinancing and upsizing of our existing borrowing facility. This new facility recognises the strength of our balance sheet and the levels of cash we are currently generating, and provides us with considerable liquidity in our pursuit of new acquisitions.
"With our current projections of returning to a net cash position by the end of the year, we will soon have USD90 million of liquidity available. Not only does this reduce our dependence on raising equity to finance growth, it guarantees certainty of financing in royalty and stream negotiations," Flynn added.
Shares were 2.0% higher on Monday morning, trading at 155 pence each.
Related Shares:
InvestecBarclaysAPF.L