Altus Strategies plc said it had agreed with its largest shareholder La Mancha Fund SCSp (35.08%) to extend the repayment date of the acquisition loan.
TERMS
The mining royalty company added that the date had extended from 17 February 2022 to 30 June 2022.
The annualised interest rate of the facility has increased from 9% plus the US Dollar (USD) London Inter-bank Offered Rate (LIBOR) to 10% plus USD LIBOR.
All other provisions of the facility remain unchanged.
OPPORTUNITIES
Chief executive Steven Poulton said Altus had received a number of attractive proposals from recognised lenders to refinance the company’s existing facility with La Mancha.
“The level of interest we have received reflects the high quality of our income-generating royalty portfolio which we have been aggressively growing in the last twelve months.
“However, Altus is assessing a number of further potential royalty and other opportunities and believe the flexibility derived from extending the existing facility will have value.”