World's biggest precious metal streaming company
Silver Wheaton Corp.
) declared the closing of $1 billion non-revolving term loan (NRT
Loan), having a term period of 3 years and extendable by a year
on the collective consent of its lenders.
The proceeds from the NRT Loan have been applied by Silver
Wheaton to repay the balance of $560 million on its Bridge
Facility and $440 million for the unpaid debt under its Revolving
Facility. Thus, Silver Wheaton has completely withdrawn the $1
billion under the NRT Loan.
Subsequent to the repayments, Silver Wheaton has a total debt
outstanding of $1.06 billion including $1 billion outstanding on
the NRT Loan and $60 million outstanding under the Revolving
Facility, which will mature in Feb 2018.
The co-lead arrangers and joint book-runners for the NRT Loan
The Bank of Nova Scotia
), commonly known as Scotiabank, and BMO Capital Markets, a part
of BMO Financial Group,
Bank of Montreal
). Canadian Imperial Bank of Commerce, HSBC Bank Canada, Royal
Bank of Canada and Toronto Dominion Bank were the
Bank of America Merrill Lynch, a corporate and investment banking
Bank of America Corporation
), and Export Development Canada played the role of Senior
Managers, whereas Bank of Tokyo-Mitsubishi (UFJ), National Bank
of Canada, and Mizuho Corporate Bank acted as Lenders.
Silver Wheaton's first-quarter 2013 earnings of 37 cents a share
trailed the Zacks Consensus Estimate and the year-ago quarter's
earnings by 4 cents. The company's profit decreased roughly 9%
year over year to $133.4 million.
Revenues rose 3% year over year to $205.8 million in the reported
quarter, but missed the Zacks Consensus Estimate of $253 million.
The gain was fueled by a 13% year-over-year increase in silver
equivalent sale that recorded 6.9 million ounces (including 6.0
million ounces of silver and 16,900 ounces of gold).
Silver Wheaton expects attributable production for 2013 to be
roughly 33.5 million silver equivalent ounces, including 145,000
ounces of gold. The company expects attributable production to
increase to roughly 53 million silver equivalent ounces,
including 180,000 ounces of gold, by 2017.
Silver Wheaton currently carries a short-term Zacks Rank #3
BANK OF AMER CP (BAC): Free Stock Analysis
BANK MONTREAL (BMO): Free Stock Analysis
BANK OF NOVA SC (BNS): Free Stock Analysis
SILVER WHEATON (SLW): Free Stock Analysis
To read this article on Zacks.com click here.