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Duke Royalty refinances £100 million credit facility with Fairfax
Chicago, Dec. 12 – Duke Royalty Ltd. signed for a refinanced £100 million credit facility with Fairfax Financial Holdings Ltd., according to a notice.
The new facility replaces an existing £55 million term and revolving facility.
Interest will be at Sonia plus 500 basis points, 225 bps better than the company’s existing facility.
The initial drawdown is expected to occur in the middle to late part of January, coinciding with the expiration of the non-call period on Duke’s existing facilities.
Fairfax will receive 41,615,134 warrants for Duke with a five-year maturity and a strike price of 45 pence.
The five-year credit facility will expire in January 2028. There will be no amortization payments during the term.
Duke is a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America.
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