Osisko Gold Royalties amended its revolving credit facility, increasing the amount from $150 million to $350 million, with an additional uncommitted accordion of up to $100 million, for a total availability of up to $450 million.
The facility will be used for general corporate purposes and investments in the mineral industry, including the acquisition of royalties, streams and other interests.
National Bank of Canada will continue to act as administrative agent and as lender, with the syndicate of financial institutions comprised of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, TD Bank and Export Development Canada. National Bank Financial acted as sole lead arranger and bookrunner, and Bank of Montreal as documentation agent.
Sean Roosen, chair and CEO of Osisko, said, “We are very pleased to have National Bank of Canada and Bank of Montreal as strong financial partners and we welcome our new lenders, as we pursue our strategic plan to provide strong returns to our shareholders and stakeholders. The pipeline of projects from our accelerator model and our near-term cash flowing assets provide our company with a unique growth profile within the royalty sector.”
The facility is secured by the company’s assets and has an initial term of four years.
Osisko Gold Royalties is an intermediate precious metal royalty company focused on the Americas.