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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.