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Silver Wheaton lifts revolving credit facility to $2bn

28th February 2015

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – The world’s largest precious metals streaming firm Silver Wheaton amended and restated its revolving credit facility on Friday, increasing the available credit from $1-billion to $2-billion and extending the term by two years to February 27, 2020.

Silver Wheaton advised that it used proceeds drawn from this amended revolving facility together with cash on hand to repay the $1-billion of debt previously outstanding under its nonrevolving term loan and terminated this loan.

Upon closing, the company had $685-million drawn under the amended revolving facility.

Certain covenants were also amended to replace the minimum total net worth and maximum net debt to earnings before interest, taxes, depreciation and amortisation covenants with minimum net debt to total net worth and minimum interest coverage tests.

The interest rate applicable to any drawings under the amended revolving facility remained unchanged at 1.7%.

"This amended revolving facility provides Silver Wheaton with enhanced flexibility to execute on its growth strategy in an efficient and cost-effective manner. We greatly appreciate the continued strong support provided by the syndicate of banks underlying this new facility," Silver Wheaton senior VP and CFO Gary Brown said.

The Bank of Nova Scotia and Bank of Montreal acted as colead arrangers, joint bookrunners and lenders for the amended revolving facility, while Canadian Imperial Bank of Commerce, Royal Bank of Canada and The Toronto-Dominion Bank acted as codocumentation agents and lenders. HSBC Bank Canada, the Canadian branch of Bank of Tokyo-Mitsubishi UFJ and Export Development Canada acted as senior managers and lenders, while other lenders comprised the Bank of America’s Canada Branch, Mizuho Bank and National Bank of Canada.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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