The Metals Royalty Company Announces Fully Allocated US$165 Million Financing to Fund Acquisition of Additional 1.0% Mesabi Royalty
The Metals Royalty Company announced a US$165 million financing package comprising US$140 million in convertible secured notes and a US$25 million senior secured term loan. The proceeds will fund its previously announced acquisition of an additional 1.0% royalty on the Mesabi iron ore project, repay its existing senior term loan, and be used for general corporate purposes.
Why it matters — The financing enables TMCR to close its expanded royalty stake in the Mesabi iron ore project while also refinancing its existing indebtedness.