Natural resources royalties firm Anglo Pacific Group PLC (LON:APF) told investors that it has agreed a US$30mln increase in its revolving credit facility (RCF), and, has extended the facilities expiry by twelve months.
Anglo Pacific as a result now has some US$90mln available in the RCF, and, it retains the possibility that the lending facility could increase up to US$120mln (if an accordion feature is implemented).
The company noted that the expansion to the RCF reflects a significant increase in volumes and revenue in the Kestrel business, plus an extra US$75mln of income coming from producing assets during 2019.
“We are appreciative to our lending banks (Barclays, Investec and Scotia) for the confidence and support they continue to place in the growth ambitions of the company,” said Kevin Flynn, Anglo Pacific chief financial officer.
“With over US$75mln of liquidity potentially available, we are in a strong financial position to continue growing and diversifying our portfolio."
The US$75mln liquidity figure would include the US$30mln accordion facility on the RCF.