TORONTO (miningweekly.com) – Precious metals streamer Silver Wheaton has sold 33.13-million shares to a syndicate of underwriters at $16.60 apiece to raise $550-million.
The dual-listed company intended to use the gross proceeds to repay a portion of the debt that was drawn on the company’s $2-billion revolving credit facility in November, to acquire the $900-million silver stream on the Antamina mine, in Peru.
Led by RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets and Scotiabank, the underwriters were also allowed an option to buy a further 4.97-million shares at any time in the next 30 days. Should the option be exercised, gross proceeds for the financing could climb to $632.5-million.
Silver Wheaton also advised that, as a result of this offering, it had terminated its normal course issuer bid (NCIB) to buy up 20.3-million common shares. Since the programme’s launch in September last year, the company had repurchased 3.06-million shares.
According to its latest quarterly filing, Silver Wheaton had 403.83-million shares outstanding.