VANCOUVER, February 27, 2015 /PRNewswire/ --
TSX: SLW
NYSE: SLW
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
http://www.sedar.com and in Silver Wheaton's Form 40-F on file with
the U.S. Securities and Exchange Commission at
http://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.
Patrick Drouin, Senior Vice
President, Investor Relations, Silver Wheaton Corp., Tel:
+1-800-380-8687, Email: info@silverwheaton.com , Website:
http://www.silverwheaton.com