- PrairieSky Royalty Ltd. (PSK) has closed the previously announced acquisition from Heritage Royalty of over 1.9 million acres of royalty lands
- The lands are throughout Alberta, Saskatchewan and Manitoba including over 1.7 million net acres of fee simple mineral title lands
- Additionally, PrairieSky expanded its unsecured revolving Sustainability-Linked (SLL) Credit Facility to $725 million from $425 million
- PrairieSky also announced that it has completed its bought deal offering of 17.2 million common shares at a price of $13.40 per common share
- PrairieSky Royalty Ltd. (PSK) is down 2.32 per cent trading at $13.06 per share as of 2:45 p.m. EST
PrairieSky Royalty Ltd. (PSK) has closed the previously announced acquisition from Heritage Royalty of over 1.9 million acres of royalty lands.
The lands are throughout Alberta, Saskatchewan and Manitoba including over 1.7 million net acres of fee simple mineral title lands.
Extensive seismic assets are complementary to the Royalty Lands for total cash consideration of $728 million.
The acquisition is effective as of December 31, 2021.
Additionally, PrairieSky expanded its unsecured revolving Sustainability-Linked (SLL) Credit Facility to $725 million from $425 million.
The SLL Credit Facility provides for a permitted increase to $800 million and is subject to lender consent.
The maturity date of the SLL Credit Facility is February 28, 2025, and pricing and covenants are unchanged.
The expanded SLL was used to partially fund the acquisition.
The previously announced $500 million term loan provided by TD Securities Inc. was not drawn upon to fund the acquisition.
It was terminated concurrent with the expansion of the SLL Credit Facility.
PrairieSky also announced that it has completed its bought deal offering of 17.2 million common shares at a price of $13.40 per common share.
It was for aggregate gross proceeds of approximately $230.1 million
The net proceeds of the offering were used to partially fund the acquisition.
PrairieSky Royalty Ltd. (PSK) is down 2.32 per cent trading at $13.06 per share as of 2:45 p.m. EST.