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Silver Wheaton to draw on revolver to fund $900 million acquisition
By Angela McDaniels
Tacoma, Wash., Nov. 3 – Silver Wheaton Corp. will use cash on hand and amounts drawn under its C$2 billion revolving credit facility to fund an acquisition, according to a company news release.
As of Sept. 30, the company had about C$81 million of cash on hand and C$647 million outstanding under the revolver.
A subsidiary, Silver Wheaton (Caymans) Ltd., will pay $900 million in cash for a silver stream from Anani Investments Ltd., a subsidiary of Glencore plc. In addition to the upfront payment, Silver Wheaton (Caymans) will make ongoing payments of 20% of the spot price per silver ounce delivered.
Silver Wheaton is a silver exploration company based in Vancouver, B.C.
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