DEBT

12 Months Ended

Dec. 31, 2022

DEBT

DEBT

6. DEBT

The Company’s debt as of December 31, 2022 and 2021 consists of the following:

	As of December 31, 2022						As of December 31, 2021
	Principal		Debt Issuance Costs		Total		Principal		Debt Issuance Costs1		Total
		(Amounts in thousands)						(Amounts in thousands)
Revolving credit facility	$	575,000	$	(3,428)	$	571,572	$	—	$	(4,408)	$	(4,408)
Total debt	$	575,000	$	(3,428)	$	571,572	$	—	$	(4,408)	$	(4,408)

⁽¹⁾ Included in Other assets on our consolidated balance sheets.

Revolving Credit Facility

On July 2, 2022, we borrowed $500 million under our revolving credit facility for the acquisition of the Cortez Complex Royalty, and on September 6, 2022, we repaid $50 million of the outstanding borrowings. Refer to Note 3 of our notes to consolidated financial statements for further discussion on the Rio Tinto Royalty acquisition.

On December 6, 2022, we repaid $75 million of outstanding borrowings on our revolving credit facility, and on December 28, 2022 we borrowed $200 million for the acquisition of additional royalty interests on the Cortez Complex. Refer to Note 3 of our notes to consolidated financial statements for further discussion on the acquisition of the Idaho Royalty.

As of December 31, 2022, we had $575 million of debt outstanding with an all-in rate interest rate on borrowings of 5.93% and $425 million available under our revolving credit facility. Interest expense recognized on the revolving credit facility for the year ended December 31, 2022, six months ended December 31, 2021 and fiscal years ended June 30, 2021 and 2020 was approximately $10.0 million, $1.4 million, $3.3 million and $7.0 million, respectively, and included interest on the outstanding borrowings and the amortization of the debt issuance costs. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of December 31, 2022.

On July 7, 2021, we entered into a fourth amendment to our revolving credit facility dated as of June 2, 2017. The amendment extends the maturity date from June 3, 2024, to July 7, 2026, adds provisions to provide for the eventual replacement of LIBOR and makes certain changes to the lenders under the agreement.

Royal Gold may repay any borrowings under the revolving credit facility at any time without premium or penalty.