representative work

Sandstorm Gold Increases Credit Facility to US$350 Million with Sustainability-Linked Performance Targets


On October 6, 2021, Sandstorm Gold Ltd. amended and restated its credit facility to, inter alia, increase its revolving credit agreement to US$350 million. This agreement incorporates sustainability-focused performance targets to establish an Environment, Social and Governance (ESG) linked credit facility. The loan incorporates sustainability-linked incentive pricing terms that allow Sandstorm to reduce the borrowing costs by up to 5 bps as the sustainability performance targets are met. The ESG goals of the company include:

  • Alignment with ESG Reporting Standards: Achieve a certain percentage of producing assets reporting under sustainability and climate-related standards;
  • External ESG Rating: Maintain an MSCI ESG rating of “A” or better; and
  • Diversity & Inclusion: Maintain or improve diverse representation at the senior management and Board levels.

With this, Sandstorm becomes the first royalty company with a credit facility linked to sustainability goals.

Cassels acted for Sandstorm.