Metals Royalty prices up to $140.04 million convertible senior secured second-lien notes due 2031
TMCR•Use of proceeds
Proceeds are earmarked to repay the SAF Facility, fund part of a 1% Mesabi royalty purchase, and then support general corporate purposes.
Notes priced and terms set
The Metals Royalty Company priced an issuance of 8.00% Convertible Senior Secured Second Lien Notes due 2031 totaling $140.04 million.
The issue date is set for Aug. 24, 2026. Interest begins at 8.00% with an initial cash-pay and PIK split through Sept. 15, 2028.
Conversion and redemption features
The notes convert at an initial rate of 115 common shares per $1,000 principal. Conversion is available until the scheduled trading day before maturity.
Optional redemption is allowed from Sept. 15, 2029 at 112.5% of principal, stepping down to 107.5% from Sept. 15, 2030.
