Royal Gold extends revolver maturity to 2028, transitions to SOFR

By Mary-Katherine Stinson

Lexington, Ky., June 30 – Royal Gold Inc. on June 28 entered into a fifth amendment to its revolving credit facility dated June 2, 2017, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extended the maturity date of the revolver to June 28, 2028 from July 7, 2026 and also adopted SOFR as the benchmark rate for dollar loans. Previously, they bore interest at Libor.

Interest will now be at SOFR+10 basis points CSA and a margin of 110 bps to 220 bps, based on a five-level grid.

The commitment fee will be between 22 bps and 44 bps.

The amendment also made certain other administrative changes.

RGLD Gold AG is also listed as a borrower on the agreement.

The agreement is guaranteed by RG Royalties, LLC, Royal Gold International Holdings, Inc., RGLD Holdings, LLC, RGLD Gold (Canada) ULC and International Royalty Corp.

Bank of Nova Scotia is the administrative agent and a joint bookrunner. Canadian Imperial Bank of Commerce and BofA Securities, Inc. are also joint lead arrangers.

Royal Gold is a Denver-based precious metals stream and royalty company.

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