This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Silver Wheaton Announces US$1 Billion Term Credit Facility

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.

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs