Altius Minerals Corp. said July 3 that it amended an existing credit facility to refinance its term and revolver debt.

The current C$125 million debt balance will be transferred to a new term facility with a June 2023 maturity. The company will also have access to an additional C$100 million revolver facility.

Concurrently, Altius entered into a floating-to-fixed interest rate swap to lock in the interest rate on C$100 million of the term facility.

The amount represents a portion of the term facility expected to be repaid through regular principal payments of C$5 million per quarter over the five-year term. The company can make additional repayments at any time with no penalty.

The interest rate on the fixed portion of the debt is expected to be about 5.45% per year during the full term of the loan, with the remaining C$25 million and the revolving facility initially carrying a 4.67% interest rate, which will change in accordance with market interest rates.