31 January 2024
Ecora Resources
PLC
("Ecora")
Extension of US$150m
Revolving Credit Facility
Ecora Resources PLC (LSE/TSX: ECOR)
announces that it has entered into an amendment and extension of
its $150 million revolving credit facility agreement with its
existing syndicate of Scotiabank, CIBC and RBC. The agreement also
includes an uncommitted accordion feature of up $75 million to be
used to fund royalty acquisitions which, if implemented, would take
the potential borrowing capacity up to $225 million.
The facility has a maturity date of
January 2027 with the potential to extend the tenor twice by up to
12 months on each occasion, is largely on the same terms as the
previous facility and will be subject to SOFR plus a ratchet
between 2.25% and 4.00%, depending on leverage levels.
Commenting on the refinancing, CFO, Kevin Flynn
said:
"The continued and enhanced support from our lenders is a
strong endorsement of our business and strategy. We have a clear
growth strategy and this new facility provides us with additional
capacity to continue to build what is the leading portfolio of
royalties over commodities essential to a more sustainable future.
We are, as always, grateful for the support of our syndicate and
look forward to continuing to partner with them as we grow our
business."
For further information
Ecora Resources PLC
|
+44 (0) 20 3435
7400
|
Geoff Callow - Head of Investor
Relations
|
|
|
|
Website:
|
www.ecora-resources.com
|
|
|
Camarco
Gordon Poole / Owen Roberts / Elfie
Kent
|
+44 (0) 20 3757
4997
|
About Ecora Resources
Ecora Resources is a leading royalty
company focused on supporting the supply of commodities essential
to creating a sustainable future.
Our vision is to be globally
recognised as the royalty company of choice synonymous with
commodities that support a sustainable future by continuing to grow
and diversify our royalty portfolio in line with our
strategy. We will achieve this through building a
diversified portfolio of scale over high quality assets that drives
low volatility earnings growth and shareholder
returns.
The mining sector has an essential
role to play in the energy transition, with commodities such as
copper, nickel and cobalt - key materials for manufacturing
batteries and electric vehicles. Copper also plays a critical role
in our electricity grids. All these commodities are mined and there
are not enough mines in operation today to supply the volume
required to achieve the energy transition.
Our strategy is to acquire royalties
and streams over low-cost operations and projects with strong
management teams, in well-established mining jurisdictions. Our
portfolio has been reweighted to provide material exposure to this
commodity basket and we have successfully transitioned from a coal
orientated royalty business in 2014 to one that by 2026 will be
materially coal-free and comprised of over 90% exposure to
commodities that support a sustainable future. The fundamental
demand outlook for these commodities over the next decade is very
strong, which should significantly increase the value of our
royalty portfolio.
Ecora's shares are listed on the
London and Toronto Stock Exchanges (ECOR) and trade on the OTCQX
Best Market (OTCQX: ECRAF).