Royal Gold Inc. (NASDAQ: RGLD) reported Thursday that it has secured a $100 million loan to be used in its acquisition of International Royalty Corp. (NYSE: IRC), according to Associated Press.
The secured term loan was received from HSBC Bank USA and it will is due 18 months after the deal's close. The interest rate is the London Interbank Offered Rate plus 2.25 percent.
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International Royalty selected Royal Gold's buyout offer on Dec. 18 over a competing offer from Franco-Nevada Corp. (NYSE: FNV). Franco-Nevada had offered 6.75 Canadian dollars per share in cash, or roughly $6.50.
Royal Gold has offered to buy IRC for 7.45 Canadian dollars per share in cash, roughly $7.17 per share, or 0.1385 Royal Gold common shares for each IRC share. Shareholders can choose to be paid in cash or stock, or a combination of both.
IRC shareholders will vote on the Royal Gold offer Feb. 19.
Shares of Royal Gold fell $2.14 to close at $44.06. IRC shares fell 2 cents to $6.87.
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