Daily News: March 2, 2015

Scotiabank, BOM Arrange Silver Wheaton Facility Increase

Silver Wheaton amended and restated its revolving credit facility dated February 28, 2013. The company has increased the available credit from $1 billion to $2 billion and has extended the term by two years, with the facility now maturing on February 27, 2020.

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 TD 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, Canada Branch; Mizuho Bank; and National Bank of Canada acted as lenders.

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.