Extension of borrowing facility to US$90M + US$30M
29 January 2020
Anglo Pacific Group PLC
Upsizing and extension of borrowing facility to US$90 million plus US$30 million accordion
Anglo Pacific Group PLC ("Anglo Pacific", the "Company") (LSE: APF, TSX: APY) is pleased to announce that it has agreed a US$30m increase to its Revolving Credit Facility ("RCF"), along with extending the term by twelve months to September 2022.
The increase brings the total committed RCF to US$90m. This could increase to US$120m should the accordion feature be implemented.
The increase reflects the Group's additional borrowing capacity associated with the significant increase in volumes and revenue from Kestrel, along with the additional US$75m (£62.5m) of income producing assets acquired in 2019.
Including the US$30m accordion, the Group has access to over US$75m of liquidity.
Kevin Flynn, Chief Financial Officer of Anglo Pacific, commented:
"We are pleased to announce another step up to our borrowing facility and an extension of the term by a further year.
We are appreciative to our lending banks (Barclays, Investec and Scotia) for the confidence and support they continue to place in the growth ambitions of the Company.
With over US$75m of liquidity potentially available, we are in a strong financial position to continue growing and diversifying our portfolio."
For further information:
Anglo Pacific Group PLC
Julian Treger - Chief Executive Officer
Kevin Flynn - Chief Financial Officer and Company Secretary
+44 (0) 20 3435 7400
+44 (0) 20 3207 7800
Matthew Armitt / Jennifer Wyllie / Detlir Elezi
Peel Hunt LLP
+44 (0) 20 7418 8900
Ross Allister / James Bavister
RBC Capital Markets
+44 (0) 20 7653 4000
Farid Dadashev / Marcus Jackson / Jamil Miah
Capital Market Communications Limited (Camarco)
+44 (0) 20 3757 4997
Gordon Poole / Owen Roberts / James Crothers
Notes to Editors
About the Company
Anglo Pacific Group PLC is a global natural resources royalty and streaming company. The Company's strategy is to develop a leading international diversified royalty and streaming company with a portfolio centred on base metals and bulk materials, focusing on accelerating income growth through acquiring royalties on projects that are currently cash flow generating or are expected to be within the next 24 months, as well as investment in earlier stage royalties. It is a continuing policy of the Company to pay a substantial portion of these royalties to shareholders as dividends.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.