Business
Empress Royalty Executes US$28.5M Accordion Credit Facility with Nebari Gold Fund
VANCOUVER, BC / ACCESSWIRE / December 5, 2023 / Empress Royalty Corp. (TSXV:EMPR)(OTCQX:EMPYF) (...
About this update from Empress Royalty Corp
[{"type":"text","content":"Empress Royalty Executes US$28.5M Accordion Credit Facility with Nebari Gold FundVANCOUVER, BC / ACCESSWIRE / December 5, 2023 / Empress Royalty Corp. (TSXV:EMPR)(OTCQX:EMPYF) (\"Empress Royalty\" or the \"Company\") is pleased to announce that on December 5, 2023, the Company entered into a US$28.5M Accordion Credit Facility (the \"Credit Facility\") with Nebari Gold Fund 1, LP and Nebari Natural Resources Credit Fund II, LP (collectively, \"Nebari\"). The Credit Facility will replace the existing US$15M facility that the Company currently has in place with Nebari Natural Resources Credit Fund I LP (the \"Initial Facility\"). The Company expects to initially drawdown approximately US$3.5M (the \"Initial Loan\"), the proceeds of which will be used to repay the existing facility and associated costs and provide working capital to the Company. In addition, the accordion feature (the \"Accordion Feature\") of the Credit Facility allows the Company to drawdown additional amounts under the Credit Facility for future investments.\"I am pleased to announce we have executed definitive agreements for a new US$28.5M Credit Facility with Nebari,\" stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. \"We would like to thank Nebari for their continued support of Empress' growth and strategic vision. The refinancing will enable us to execute on our pipeline of opportunities. We are extremely excited for the future of Empress as this facility, combined with our projected revenue from our revenue generating investments, will allow us to further advance our development plans for Empress.\"Juan Alvarez, Managing Director at Nebari, stated \"We are pleased to be extending our support of Empress Royalty in their growth strategy by entering into this Credit Facility and upsizing the Accordion. We are delighted to have seen Empress Royalty develop from a company with one revenue producing streaming and royalty asset to the current three, and we look forward to their continued growth.\"The Credit Facility shall bear interest at a rate of 7.5% per annum plus 3-month Term SOFR (3.5% floor). An arrangement fee of 2.0% of each draw made under the Credit Facility is payable on closing, together with reimbursement of Nebari's costs for each draw made. In addition, an original issue discount (the \"OID\") of 4.25% is applicable to all loa...