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Sandstorm Gold Royalties Increases Credit Facility to $350 Million, First Royalty Company Sustainability-Linked Loan
Sandstorm Gold Royalties Increases Credit Facility to $350 Million, First Royalty Company...
About this update from Silver Sands Resources Corp.
[{"type":"text","content":"\n \n \n \n Sandstorm Gold Royalties Increases Credit Facility to $350 Million, First Royalty Company Sustainability-Linked Loan\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n PR Newswire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 6, 2021\n \n /PRNewswire/ - Sandstorm Gold Ltd. (\"Sandstorm Gold Royalties\", \"Sandstorm\" or the \"Company\") (NYSE: SAND) (TSX: SSL) is pleased to announce that it has increased its revolving credit agreement allowing the Company to borrow up to\n \n $350 million\n \n , incorporating sustainability-linked performance targets to establish an Environment, Social, and Governance (\"ESG\") linked credit facility (\"ESG Revolving Loan\").\n \n \n \n \n \n \n \n \n \n \"The 55% increase to Sandstorm's credit facility once again emphasizes the Company's strong financial position and creditworthiness,\" commented\n \n Erfan Kazemi\n \n , Sandstorm's Chief Financial Officer. \"We're pleased to announce that Sandstorm is the first royalty company with a credit facility linked to sustainability goals. With this credit agreement, the Company is helping to lead a new era of corporate lending that benefits shareholders while promoting corporate responsibility.\"\n \n \n The amounts drawn on the ESG Revolving Loan are subject to interest at LIBOR plus 1.875%–3.0% per annum, and the undrawn portion of the ESG Revolving Loan is subject to a standby fee of 0.422%–0.675% per annum, both of which are dependent on the Company's leverage ratio. The syndicate of banks include The Bank of\n \n Nova Scotia\n \n , Bank of\n \n Montreal\n \n , National Bank of\n \n Canada\n \n , Canadian Imperial Bank of Commerce, and Royal Bank of\n \n Canada\n \n . The Revolving Loan has a term of four years, maturing in\n \n October 2025\n \n .\n \n \n The ESG Revolving Loan incorporates sustainability-linked incentive pricing terms that allow Sandstorm to reduce the borrowing costs by up to 5 basis points (from the interest rates described above) as the Company's sustainability performance targets are met. The performance targets, to be met by...