Altius Minerals increased its ownership in Great Bay Renewables to 50% after a US$390M transaction with Apollo, and expanded its credit facility to C$350M led by Scotiabank and TD.
Altius Minerals closed a pair of moves that reshape its balance sheet and its ownership of a large renewable royalty portfolio.
The Newfoundland-based royalty and streaming company increased its effective stake in Great Bay Renewables to 50% from 29% through a tripartite deal with Apollo Global Management and Northampton Capital Partners. Apollo funds sold their membership interests in GBR to Northampton for roughly US$390 million. Northampton in turn sold its interest in Altius Renewable Royalties Corp. back to Altius for about US$168 million.
The result leaves Altius and Northampton each holding half of GBR. Apollo no longer has any stake. Starting in the third quarter, Altius will report half of GBR’s revenues and expenses on its income statement.
Separately, Altius expanded its credit facility to C$350 million, up from C$225 million. The new revolving facility, arranged jointly by Bank of Nova Scotia and Toronto-Dominion Bank, also includes National Bank of Canada, ATB Financial, Desjardins Financial Security Life Assurance and Export Development Canada. Scotiabank acts as administrative agent.
The company drew C$100 million against the facility to help fund the GBR transaction. The previous term and revolving structure was replaced with a single revolving line that requires no principal repayments. Any outstanding balance, roughly C$87 million at closing, was rolled into the new facility. Maturity was extended to July 2030 from August 2028.
The bigger credit line gives Altius more firepower for acquisitions across its core commodities: potash, high-purity iron ore, electricity, base metals and gold. The company’s strategy ties directly to long-duration royalty assets linked to global infrastructure build, rising electric-arc furnace steelmaking, increasing fertilizer demand and higher precious-metals ownership.
Altius shares trade on the Toronto Stock Exchange under the ticker ALS and on the OTCQX market as ATUSF. The company has roughly 58.7 million shares outstanding and is a member of the S&P/TSX Composite, S&P/TSX Global Mining and S&P/TSX Canadian Dividend Aristocrats indexes.
The GBR deal adds significant exposure to wind and solar royalties at a time when electricity demand growth is accelerating. Equal control gives Altius more influence over portfolio management and capital allocation within GBR, the company said.
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