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.
CAUTIONARY NOTE REGARDING FORWARD
LOOKING-STATEMENTS
The information contained herein contains
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking statements,
which are all statements other than statements of historical fact,
include, but are not limited to, statements with respect to the
future price of silver or gold, the estimation of mineral reserves
and resources, the realization of mineral reserve estimates, the
timing and amount of estimated future production (including
attributable annual production), costs of production, reserve
determination, reserve conversion rates, statements as to any
future dividends, the ability to fund outstanding commitments and
continue to acquire accretive precious metal stream interests and
assessments of the impact and resolution of various legal and tax
matters. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, operations, level of activity, performance or
achievements of Silver Wheaton to be materially different from
those expressed or implied by such forward-looking statements,
including but not limited to: fluctuations in the price of silver
or gold; the absence of control over mining operations from which
Silver Wheaton purchases silver or gold and risks related to these
mining operations including risks related to fluctuations in the
price of the primary commodities mined at such operations, actual
results of mining and exploration activities, environmental,
economic and political risks of the jurisdictions in which the
mining operations are located and changes in project parameters as
plans continue to be refined; differences in the interpretation or
application of tax laws and regulations; and the Company's
interpretation of, or compliance with, tax laws, is found to be
incorrect; as well as those factors discussed in the section
entitled "Description of the Business - Risk Factors" in Silver
Wheaton's Annual Information Form available on SEDAR at
www.sedar.com and in Silver Wheaton's Form 40-F on file with the
U.S. Securities and Exchange Commission at www.sec.gov.
Forward-looking statements are based on assumptions management
believes to be reasonable, including but not limited to: the
continued operation of the mining operations from which Silver
Wheaton purchases silver and gold, no material adverse change in
the market price of commodities, that the mining operations will
operate and the mining projects will be completed in accordance
with their public statements and achieve their stated production
outcomes, the continuing ability to fund or obtain funding for
outstanding commitments the ability to source and obtain accretive
precious metal stream interests, expectations regarding the
resolution of legal and tax matters, that Silver Wheaton will be
successful in challenging any reassessment by the Canada Revenue
Agency and such other assumptions and factors as set out
herein. Although Silver Wheaton has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance
that forward-looking statements will prove to be accurate.
Accordingly, readers should not place undue reliance on
forward-looking statements and are cautioned that actual outcomes
may vary. Silver Wheaton does not undertake to update any
forward-looking statements that are included or incorporated by
reference herein, except in accordance with applicable securities
laws.
SOURCE Silver Wheaton Corp.