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Silver Wheaton Announces US$1 Billion Term Credit Facility

Stocks in this article: SLW

VANCOUVER, British Columbia, May 29, 2013 /PRNewswire/ --

- TSX: SLW

- NYSE: SLW

Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX: SLW) (NYSE: SLW) announces the closing of a US$1 billion non-revolving term loan ("NRT Loan"), with a 3-year term, extendable by 1 year with the unanimous consent of lenders.

Silver Wheaton has fully drawn US$1 billion under the NRT Loan and has applied these proceeds to repay the remaining balance of US$560 million on its Bridge Facility and US$440 million outstanding under its Revolving Facility. Following these repayments, the Company has total debt outstanding of US$1.06 billion with US$1 billion outstanding on the NRT Loan and US$60 million outstanding under the Revolving Facility, which matures in February 2018. The Bridge Facility was terminated following the repayment of the outstanding balance.

"Given Silver Wheaton's strong cash flows and relatively fixed costs, we are very comfortable with our current balance sheet and our ability to swiftly repay the outstanding debt," said Randy Smallwood, Silver Wheaton's President and Chief Executive Officer. "The company received strong support from the syndicate of banks that participated in this new term loan. Following the closing of this loan, there is US$940 million of credit available under the Revolving Facility, which, together with strong operating cash flows, positions the company well for continued growth."

At the Company's option, amounts outstanding under the NRT Loan will incur interest at either (i) the London Interbank Offered Rate ("LIBOR") plus an applicable margin ranging from 120 to 220 basis points or (ii) The Bank of Nova Scotia's US Base Rate plus an applicable margin ranging from 20 to 120 basis points, with the applicable margin being determined by the Company's leverage ratio.

Scotiabank and BMO Capital Markets acted as Co-Lead Arrangers and Joint Book-runners. Canadian Imperial Bank of Commerce, HSBC Bank Canada, Royal Bank of Canada and Toronto Dominion Bank acted as Co-Documentation agents. Bank of America Merrill Lynch and Export Development Canada acted as Senior Managers, and Bank of Tokyo-Mitsubishi (UFJ), National Bank of Canada, and Mizuho Corporate Bank acted as Lenders.

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