WHEATON PRECIOUS METALS SIGNS US$2 BILLION SUSTAINABILITY RENEWABLE CREDIT FACILITY
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VANCOUVER, BC, July 18, 2022 /PRNewswire/ – Wheaton Precious Metals™ Corp. (“Wheaton” or the “Company”) added a sustainability element as part of the expansion of its existing undrawn portfolio 2 billion US dollars revolving credit facility highlighting Wheaton’s commitment to sustainability initiatives.
“At Wheaton, sustainability is integral to all aspects of our business, our strategy and our overall success,” said Randy Smallwood, President and CEO of Wheaton. “Incorporating key performance indicators based on our ambitious sustainability goals into the renewal of our credit facility demonstrates that we are committed and accountable to creating value for all of our stakeholders, including our shareholders, our mining partners and our neighbors. It’s the right thing to do, and we hope to see more of our peers in the streaming and mining industry do the same.”
The renewed revolving credit facility is aligned with Wheaton’s sustainability strategy, which includes a commitment to net zero carbon emissions by 2050. Further information on Wheaton’s sustainability goals is included in the annual report of the company. Sustainability report.
Under the renewed revolving credit facility, the interest rate paid on amounts drawn and standby fees will be adjusted based on Wheaton’s performance in three sustainability-related areas:
- Emissions attributable to Wheaton from third-party mining partner operations covered by science-based emissions targets
- Diversity at board and management level of the Wheaton Group
- Wheaton’s S&P ESG rating
Wheaton also extended the maturity date of the renewed revolving credit facility for July 18, 2027. The Company currently has no amounts drawn under the revolving credit facility.
The Bank of New Scotland and Bank of Montreal acted as Joint Bookrunners and Co-Lead Arrangers of the revolving credit facility. Bank of Montreal and the Royal Bank of Canada acted as co-lead agents and coordinators of the structuring of sustainability, and the Bank of New Scotland and the Canadian Imperial Bank of Commerce acted as co-sustainability officers. Bank of America, Toronto-Dominion Bank and Export Development Canada acted as lenders.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release 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 laws regarding the business, operations and financial performance of Wheaton and, in certain instances, the business, mining operations and performance of Wheaton’s Precious Metals Purchase Agreement (“PMPA”) counterparties. Forward-looking statements, all of which are statements other than statements of historical fact, include, but are not limited to, Wheaton’s climate change and environmental commitments, Wheaton’s sustainability commitments and goals and the interest rates and fees payable under the revolving credit facility. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is planned”, “budget”, “planned”, “estimates”, “plans”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “potential”, or variations of such words and expressions or statements that certain actions, events or results “could”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to differ materially from those expressed or implied. -understood by these forward-looking statements, including but not limited to risks associated with the ability to meet climate change and environmental commitments at Wheaton and the mining operations, risks associated with the ability to meet sustainability commitments and objectives and risks associated with interest rate adjustments and fees under the Revolving Credit Facility and other risks discussed under “Description of the Business – Risk Factors” of Wheaton’s Annual Information Form available on SEDAR at www.sedar.comand in Wheaton’s Form 40-F for the fiscal year ended December 31, 2021 and Form 6-K filed March 10, 2022 both available on EDGAR at www.sec.govas well as the risks disclosed in Wheaton’s management discussions and analysis for the period ended December 31, 2021 available on SEDAR and EDGAR (together, the “Disclosure”). Forward-looking statements are based on assumptions that management currently believes are reasonable, including (without limitation): that Wheaton will be able to meet its climate change and environmental commitments and that Wheaton will be in able to achieve its commitments and objectives related to sustainability, etc. other assumptions and factors as set forth in the disclosure. There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in forward-looking statements occur or substantially occur, there can be no assurance that they will have the expected consequences or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual results may vary. The forward-looking statements included herein are intended to provide readers with information to help them understand Wheaton’s expected financial and operating performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date it is made, reflects the current beliefs of Wheaton’s management based on current information, and will not be updated except in accordance with applicable securities laws. . Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in the forward-looking statements, there may be other factors that cause the results, level of activity, performance or achievements not to be as planned, estimated or expected.
SOURCEWheaton Precious Metals Corp.