REG - Duke Royalty Limited - Closing of New Credit Facility

Duke CapitalAnnouncement

16/01/2023 07:00

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RNS Number : 7444M  Duke Royalty Limited  16 January 2023

16 January 2023

 

Duke Royalty Limited

 

("Duke Royalty", "Duke" or the "Company")

 

Closing of New Credit Facility

 

Further to its announcement on 12 December 2022 regarding the refinancing and
upsizing of its credit facility with Fairfax Financial Holdings Limited, Duke
Royalty is pleased to announce that the refinancing has now closed and the
initial drawdown has taken place, earlier than the original expectation of
mid/late January.

 

The material terms of the new credit facility are as follows:

 

•       Term facility of up to £100 million to replace Duke's existing
£55 million term and revolving facilities

•     Five-year term, expiring in January 2028 with a bullet repayment on
expiry and no amortisation payments during the five-year term

•       Interest rate equal to SONIA plus 5.00% per annum, which
represents an improvement of 225bps on Duke's existing rate of SONIA plus
7.25%

•      As part of the deal, Duke will issue 41,615,134 warrants to
Fairfax with a five-year maturity and strike price of 45 pence reflecting the
strategic nature of the deal

 

 

***ENDS***

 

 

For further information, please visit www.dukeroyalty.com
(http://www.dukeroyalty.com/) , or contact:

 

 

 Duke Royalty Limited     Neil Johnson / Charles Cannon Brookes / Hugo Evans  +44 (0) 1481 730 613

 Cenkos Securities plc    Stephen Keys / Callum Davidson / Michael Johnson    +44 (0) 207 397 8900

 (Nominated Adviser

 and Joint Broker)

 Canaccord Genuity        Adam James / Harry Rees                             +44 (0) 207 523 8000

 (Joint Broker)

 SEC Newgate (PR)         Elisabeth Cowell / Axaule Shukanayeva               +44 (0) 20 3757 6882 dukeroyalty@secnewgate.co.uk

 

 

About Duke Royalty

 

Duke Royalty Limited provides alternative capital solutions to a diversified
range of profitable and long-established businesses in Europe and
abroad. Duke Royalty's experienced team provide financing solutions to
private companies that are in need of capital but whose owners wish to
maintain equity control of their business. Duke Royalty's royalty
investments are intended to provide robust, stable, long term returns to its
shareholders. Duke Royalty is listed on the AIM market under the ticker DUKE
and is headquartered in Guernsey.

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