Silver Wheaton Announces Amendment to Credit Facility
TSX: SLW
NYSE: SLW
VANCOUVER, Feb. 27, 2015 /CNW/ - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX:SLW) (NYSE:SLW) is pleased to announce that it has amended and restated its revolving credit facility dated February 28, 2013 (the "Revolving Facility"). The Company has increased the available credit from US$1 billion to US$2 billion and has extended the term by 2 years, with the facility now maturing on February 27, 2020. Silver Wheaton used proceeds drawn from this amended Revolving Facility together with cash on hand to repay the $1 billion of debt previously outstanding under its non-revolving term loan and terminated this loan. Upon closing, the Company had $685 million drawn under the amended Revolving Facility.
In addition, certain covenants were amended in order to replace the minimum total net worth and maximum net debt to EBITDA 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 remains unchanged.
"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," said Gary Brown, Silver Wheaton's Senior Vice President and Chief Financial Officer.
The Bank of Nova Scotia and Bank of Montreal acted as Co-Lead Arrangers, Joint Bookrunners, and Lenders for the amended Revolving Facility. Canadian Imperial Bank of Commerce, Royal Bank of Canada and The Toronto-Dominion Bank acted as Co-Documentation Agents and Lenders. HSBC Bank Canada, Bank of Tokyo-Mitsubishi (UFJ) (Canada) and Export Development Canada acted as Senior Managers and Lenders, and Bank of America, N.A., Canada Branch, Mizuho Bank, Ltd., and National Bank of Canada acted as Lenders.
