Silver Wheaton increases revolver to $2 billion, extends it to 2020

By Angela McDaniels

Tacoma, Wash., Feb. 27 – Silver Wheaton Corp. said it amended and restated its revolving credit facility, increasing the available credit to $2 billion to $1 billion and extending the term by two years to Feb. 27, 2020.

The company used proceeds drawn from the amended revolver together with cash on hand to repay the $1 billion of debt previously outstanding under its term loan and terminated the term loan.

Upon closing, the company had $685 million drawn under the amended revolver.

In addition, some 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.

Pricing remains unchanged.

Bank of Nova Scotia and Bank of Montreal acted as co-lead arrangers, joint bookrunners and lenders. Canadian Imperial Bank of Commerce, Royal Bank of Canada and 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. Bank of America, NA, Canada Branch, Mizuho Bank, Ltd. and National Bank of Canada acted as lenders.

Silver Wheaton is a silver exploration company based in Vancouver, B.C.

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