• Proceeds to repay line of credit drawn for Antamina stream
  • In bought deal, banks agree to purchase stock at $16.60 each

Silver Wheaton Corp. will raise at least $500 million by selling new shares after reaching an agreement with a syndicate of underwriters in a so-called bought deal.

Banks led by RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets and Scotiabank agreed to buy about 30 million shares at $16.60 each, the Vancouver-based precious-metals streaming company said in a statement Wednesday. They can purchase another 4.5 million more shares 30 days after the offering closes.

Proceeds of the offering, which is scheduled to close around April 7, will be used to repay a line of credit drawn in November for the $900 million purchase of future silver production at the Antamina mine in Peru.

Silver Wheaton shares fell 0.8 percent to $17.64 in New York on Wednesday.

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