(Alliance News) - Anglo Pacific Group PLC on Wednesday said it has increased the size of its revolving credit facility and extended the term by 12 months.
The mining royalty firm said the facility with Barclays PLC, Investec PLC, and Scotia Bank has increased by USD30 million to USD90 million, with the term extended until September 2022.
Anglo Pacific said the facility could increase to USD120 million if a USD30 million accordion feature is implemented.
The increase reflects the group's additional borrowing capacity after a significant increase in volumes and revenue from Australia's Kestrel coal mine along with the additional USD75 million of income producing assets acquired in 2019, the company said.
"We are pleased to announce another step up to our borrowing facility and an extension of the term by a further year. We are appreciative to our lending banks for the confidence and support they continue to place in the growth ambitions of the company. With over USD75 million of liquidity potentially available, we are in a strong financial position to continue growing and diversifying our portfolio," said Anglo Pacific Chief Financial Officer Kevin Flynn.
Anglo Pacific did not disclose whether the credit facility remained on the same terms as when it was first entered into.
Shares were up 1.2% at 174.00 pence per share on Wednesday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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