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Pin to quick picksDuke Capital Regulatory News (DUKE)

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Closing of New Credit Facility

16 Jan 2023 07:00

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, or contact:

 

 

Duke Royalty Limited

Neil Johnson / Charles Cannon Brookes / Hugo Evans

 

 

+44 (0) 1481 730 613

Cenkos Securities plc 

(Nominated Adviser

and Joint Broker)

 

Stephen Keys / Callum Davidson / Michael Johnson

 

+44 (0) 207 397 8900

 

Canaccord Genuity

(Joint Broker)

 

Adam James / Harry Rees

+44 (0) 207 523 8000

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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