Sandstorm ups revolver to $350 million, adds sustainability incentives

By Wendy Van Sickle

Columbus, Ohio, Oct. 6 – Sandstorm Gold Ltd. increased its revolving credit agreement, allowing it to draw up to $350 million, and incorporated sustainability-linked targets, according to a news release.

The revolver matures in October 2025.

Borrowings bear interest at Libor plus a margin ranging from 187.5 basis points to 300 bps, and the unused fee is 42.2 bps to 67.5 bps, both based on leverage. The revolver incorporates sustainability-linked incentive pricing terms that allow Sandstorm to reduce the borrowing costs by up to 5 bps as the company’s sustainability targets are met.

The syndicate of banks includes the Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, Canadian Imperial Bank of Commerce and Royal Bank of Canada, according to an announcement.

Bank of Montreal is the sustainability structuring agent.

Sandstorm is based in Vancouver, B.C. It provides upfront financing to gold-mining companies and receives gold streaming agreements in return.

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