PrairieSky Closes Acquisition of Western Canadian Royalty Assets

Source: www.gulfoilandgas.com 12/15/2021, Location: North America

PrairieSky Royalty Ltd. has closed the previously announced acquisition from Heritage Royalty of over 1.9 million acres of royalty lands throughout Alberta, Saskatchewan and Manitoba (the “Royalty Lands”) including over 1.7 million net acres of fee simple mineral title lands; and (ii) extensive seismic assets that are complementary to the Royalty Lands, for total cash consideration of $728 million (the "Acquisition"). The Acquisition has an effective date of December 31, 2021.

Concurrent with closing the Acquisition, PrairieSky expanded its unsecured revolving Sustainability-Linked Credit Facility ("SLL Credit Facility") to $725 million from $425 million. The SLL Credit Facility provides for a permitted increase to $800 million, subject to lender consent. The maturity date of the SLL Credit Facility remains 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. (the "Term Loan") was not drawn upon to fund the Acquisition and was terminated concurrent with expansion of the SLL Credit Facility.

On December 15, 2021, PrairieSky announced that it had completed its bought deal offering of 17,169,500 common shares at a price of $13.40 per common share, for aggregate gross proceeds of approximately $230.1 million (the "Offering"). The net proceeds of the Offering were used to partially fund the Acquisition.


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