Trident Royalties PLC (AIM:TRR) has signed a new US$40mln secured loan facility agreement with Aussie bank Macquarie.
The facility will retire an existing US$10mln secured loan from a syndicate managed by Tribeca, with the balance used to complete the acquisition of the gold offtake streams from Orion Resources.
Adam Davidson, Trident’s chief executive, said: "We are extremely pleased to be working with Macquarie, a highly respected financial institution in the natural resources sector and completing this important step to closing the recently announced acquisition."
The facility will be drawn on completion of the Orion acquisition and will mature on 31 December 2024.
Trident will pay a coupon of 7.75% plus compounded SOFR, with interest payable quarterly. Regular quarterly repayments of US$2.5mlm will commence on 30 June 2023 with a final bullet payment on maturity.
In addition, by 31 January 2022, the company will grant warrants to subscribe for 14,8mln shares in Trident to the lenders exercisable at 0.51 per share.