Last checked at 4 Nov 2019 07:00
4 November 2019
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
Paydown of Revolving Credit Facility
Further to completion of its recent fundraising, Duke Royalty Limited (AIM: DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, announces that it has paid down the outstanding balance of its new revolving credit facility ("New Credit Facility") from £11.65 million to zero.
As announced on 10 September 2019, the Company's New Credit Facility of £30 million, provided by Honeycomb Investment Trust PLC, enables Duke to benefit from material annual interest savings (one-month UK LIBOR plus 7.25% (previously +9.5%)).
When utilising the accordion provision, the New Credit Facility provides the Company with material additional headroom of a further £20 million, enabling access to total capital of up to £50 million under the facility, subject to loan thresholds.
Neil Johnson, CEO of Duke Royalty, said:
"Taking the net proceeds of the fundraising together with the substantial capital available under the New Credit Facility, Duke is well placed to execute its strategy.
"Paying down the outstanding balance of the new revolving credit facility was a key commitment of our recent fundraising, so I am delighted to report this milestone which saves interest and reduces the inefficiencies of idle cash on our balance sheet. We look forward to continuing to diversify our portfolio through investing in new royalty partners as well as follow-on investments into existing partners."
For further information, please contact www.dukeroyalty.com, or contact:
Duke Royalty Limited | Neil Johnson / Charlie Cannon Brookes
| +44 (0) 1481 741 240 |
Cenkos Securities plc (Nominated Adviser and Broker)
| Julian Morse / Michael Johnson / Stephen Keys / Callum Davidson | +44 (0) 207 397 8900 |
Newgate Communications (PR) | Elisabeth Cowell/ Ian Silvera/ Megan Kovach | +44 (0) 20 3757 6882 |
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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