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RE Royalties Completes $2.1 Million Second Tranche Closing of Green Bonds for a Total of $7.5 Million
All amounts in Canadian dollars unless otherwise stated Not for distribution to U.S. ne...
About this update from Re Royalties Ltd.
[{"type":"text","content":"RE Royalties Completes $2.1 Million Second Tranche Closing of Green Bonds for a Total of $7.5 MillionAll amounts in Canadian dollars unless otherwise statedNot for distribution to U.S. newswire services or for dissemination to the United StatesVANCOUVER, BC / ACCESSWIRE / October 29, 2020 / RE Royalties Ltd. (TSXV:RE) (\"RE Royalties\" or the \"Company\"), a global leader in renewable energy royalty-based financing, today announced the successful closing of the second tranche (the \"Second Tranche\") of its brokered private placement of Series 1-2020 First Ranking Senior Secured Green Bonds (the \"Green Bonds\"), maturing October 29, 2025 (the \"Series1-2020 Maturity Date\") for an aggregate gross proceeds of $1,661,000, and the concurrent closing of a non-brokered component for gross proceeds of $405,000. The total gross proceeds raised to date in the Company's inaugural Green Bond offering is $7,518,000.In the Second Tranche, the Company has issued 2,066 Green Bonds with a principal amount of $1,000 per Green Bond for aggregate gross proceeds of $2,066,000. Each Green Bond will bear interest at a rate of 6%, per annum payable quarterly, and is senior secured against the Company's portfolio of royalty and loan investments.\"We are pleased with the continuing investor demand for our Green Bonds and are excited about being able to put this capital to work and to build a more sustainable future by providing royalty financing solutions to renewable energy project developers,\" said Bernard Tan, Chief Executive Officer at RE Royalties.Net proceeds from the Green Bond offering will be used to finance or re-finance renewable energy projects that deliver environmental benefits, as set out in our Green Bond Framework, and will contribute to the achievement of the company's sustainable goals. These investments into environmentally sustainable projects demonstrate RE Royalties' long-term commitment to reduce or offset green house gas (GHG) emissions and build a cleaner future.Integral Wealth Securities Limited acted as agent (the \"Agent\") pursuant to an agency agreement entered between the Company and the Agent with respect to the Green Bond offering. In connection with the closing of the Second Tranche, the Company paid the Agent a cash fee of $66,440 (the \"Agent's Fee\") and a corporate finance fee of $16,200. The Company also issued...