Wheaton River Minerals gets new $300 million credit facility

By Sara Rosenberg

New York, Aug. 24 - Wheaton River Minerals Ltd. closed on a new $300 million 15-month delayed-draw credit facility due February 2006 that is available to finance three separate acquisitions. HVB Group was the lead bank on the deal.

Amounts drawn down will carry an initial interest rate of Libor plus 225 basis points, increasing over the term of the loan to Libor plus 450 basis points, according to a company news release.

Net proceeds from any debt refinancing or equity issue together with the net proceeds from significant asset sales will be used to prepay amounts outstanding under the facility.

"This US$300 million facility, combined with a present cash balance of over US$100 million, will allow Wheaton to acquire precious metal assets and continue its growth path," said Ian Telfer, chairman and chief executive officer, in the release.

Wheaton is a Vancouver, British Columbia-based gold producer.

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