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Cision Canada
01-08-2025
- Business
- Cision Canada
Equitable Bank successfully closes $300 million deposit note issuance
Issuance represents continued confidence in bank's funding strategy and long-term growth horizon TORONTO, Aug. 1, 2025 /CNW/ - Equitable Bank, Canada's Challenger Bank™, announces it has closed a $300 million floating rate deposit note issuance that represents the bank's tightest spread on record for deposit notes of a comparable term. The issuance, 2.0 times oversubscribed, reflects strong investor confidence in the bank's financial resilience, long-term growth prospects and unique Challenger mission. The two-year $300 million deposit note was issued with the coupon of CORRA plus 90 bps, with the maturity date of August 3, 2027. The transaction saw a final order book of $605.6 million and resulted in favourable repricing of the bank's secondary curve. Order book strength allowed the bank to upsize the offering from the launch size of $200 million. "Investor response to this issuance shows their deep confidence in our strong foundation, the calibre of our leadership, and the significant growth potential ahead of us," said David Wilkes, VP and Head of Finance at Equitable Bank. "This issuance provides a competitively priced source of funding that strengthens our ability to innovate and reshape banking for the better for all Canadians, while creating lasting, meaningful value for our investors." The issuance was completed with BMO Capital Markets, CIBC Capital Markets, National Bank Financial Markets and Scotiabank acting as joint leads and bookrunners, with RBC Capital Markets and TD Securities supporting as co-managers. The deposit notes rank equally and rateably with all of Equitable Bank's present and future unsecured and unsubordinated liabilities, and deposit notes are not eligible for Canada Deposit Insurance Corporation insurance. Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. As Canada's Challenger Bank™ and seventh largest bank by assets, it leverages technology to deliver exceptional personal and commercial banking experiences and services to over 742,000 customers and more than six million credit union members through its businesses. It is a wholly owned subsidiary of EQB Inc. (TSX: EQB), a leading digital financial services company with $134 billion in combined assets under management and administration (as at April 30, 2025). Through its digital EQ Bank platform ( its customers have named it one of the top banks in Canada on the Forbes World's Best Banks list since 2021. To learn more, please visit or connect with us on LinkedIn. Investor contact: David Wilkes VP and Head of Finance [email protected] Media contact: Maggie Hall Director, PR & Communications [email protected] Cautionary Note Regarding Forward-Looking Statements Statements made in this news release include forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"). These statements include, but are not limited to, statements about EQB Inc.'s (the "Company") objectives, strategies and initiatives, financial results, expectations and risk management, statements about or containing possible future issuances of deposit notes of Equitable Bank (the "Bank"), a wholly owned subsidiary of the Company, statements made by Equitable Bank's chief financial officer and any other statements made herein, whether with respect to the Company's and Bank's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in the Company's Management's Discussion and Analysis and in the Company's other documents filed on SEDAR+ at All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting the Company, the Bank and the Canadian economy. Although the Company and the Bank believe the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by the Company in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business at current levels, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company and the Bank do not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. The deposit notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or delivered, directly or indirectly, or sold in the United States. This press release does not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.
Yahoo
09-06-2025
- Business
- Yahoo
OR Royalties Announces Increase of Credit Facility and Positive Net Cash Position
MONTRÉAL, June 09, 2025 (GLOBE NEWSWIRE) -- OR Royalties Inc. (the 'Company' or 'OR Royalties') (OR: TSX & NYSE) is pleased to announce that it has amended its existing revolving credit facility (the 'Credit Facility'), including the conversion from a Canadian dollar denominated facility to a United States dollar denominated facility, as well as an increase in the overall size of the Credit Facility. Amounts presented are in United States dollars, except where otherwise noted. Under the amended agreement, the Company has access to a Credit Facility of $650 million with an additional uncommitted accordion of up to $200 million, for a total availability of up to $850 million. The previous credit facility agreement had a maximum amount of C$550 million with an uncommitted accordion of up to C$200 million. Advances under the amended Credit Facility are subject to interest at the Secured Overnight Financing Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA) plus 1.45% to 2.75% per annum, depending on the Company's leverage ratio, unchanged from the previous credit facility agreement. The Credit Facility has a term of four years, maturing on May 30th, 2029. Jason Attew, President & CEO of OR Royalties commented: 'The expansion of our Credit Facility underscores the strength and quality of our asset portfolio and reflects the confidence in OR Royalties' long-term growth prospects. Combined with our current cash balance, the enhanced financial flexibility provided by the upsized facility positions us well to pursue strategic and accretive growth opportunities. We extend our sincere appreciation to our financial partners, whose continued support since OR Royalties' inception in 2014 has been instrumental in our success. We are also pleased to report that, as a result of robust operating cash flows and disciplined capital allocation, OR Royalties now holds a positive net cash position, further reinforcing our solid financial foundation.' The amended Credit Facility was led by National Bank of Canada and includes Bank of Montréal, Royal Bank of Canada and The Bank of Nova Scotia, as well as Canadian Imperial Bank of Commerce, The Toronto-Dominion Bank, Bank of America N.A. (Canada Branch), Export Development Canada, and Fédération des caisses Desjardins du Québec. Separately, on May 27th, 2025, MAC Copper Limited ('MAC Copper') announced that it had entered into a binding scheme implementation deed (the 'Transaction') with Harmony Gold Mining Company Limited ('Harmony') and Harmony Gold (Australia) Pty Ltd ('Harmony Australia'), a wholly-owned subsidiary of Harmony, under which it is proposed that Harmony Australia will acquire 100% of the issued share capital in MAC Copper. Under the terms of the Transaction, MAC Copper shareholders will receive US$12.25 cash per MAC Copper share. As of June 9th, 2025, OR Royalties, through its wholly-owned subsidiary OR Royalties International Ltd., owns 4,000,000 shares of MAC Copper, which under the current terms of the Transaction are worth $49.0 million. This all-cash binding acquisition by Harmony will further strengthen OR Royalties' balance sheet upon closing, expected later this year. About OR Royalties Inc. OR Royalties Inc. is an intermediate precious metal royalty company which holds a North American focused portfolio of over 195 royalties, streams and precious metal offtakes, including 21 producing assets. OR Royalties' portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, home to one of Canada's largest gold mines. OR Royalties' head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2. For further information, please contact OR Royalties Inc.: Grant MoentingVice President, Capital MarketsTel: (514) 940-0670 x116Cell: (365) 275-1954Email: gmoenting@ Heather TaylorVice President, Sustainability and CommunicationsTel: (514) 940-0670 x105Email: htaylor@ Certain statements contained in this press release may be deemed 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that OR Royalties will be able to pursue strategic, accretive growth opportunities and that it will maintain a positive net cash position. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential', 'scheduled' and similar expressions or variations (including negative variations), or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties' business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties' PFIC status (d) that preliminary financial information may be subject to quarter end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in OR Royalties' ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets. For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at and EDGAR at which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. These statements speak only as of the date of this press release. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable in to access your portfolio
