SilverCrest Announces US$120 Million Debt Refinancing Package, Reduction of Overall Debt and Lower Cost of Capital

TSX: SIL | NYSE American: SILV

 SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce that it has refinanced its US$120 million secured project financing facility, of which only US$90 million was drawn, with a new US$120 million senior secured credit facility (the "Credit Facility") through a syndicate of lenders comprised of The Bank of Nova Scotia (the "Administrative Agent") and Bank of Montreal .

The Credit Facility includes a US$50 million term facility ("Term Facility" or "Term") and a US$70 million revolving facility ("Revolving Facility"). On closing of the Credit Facility, the Company fully drew the US$50 million Term Facility and will use US$40 million of its cash balance to repay the existing US$90 million project financing facility, which was with an affiliate of RK Mine Finance ("RK"). The Revolving Facility of US$70 million will be available to the Company until November 27, 2026 for general corporate purposes and working capital. On closing of the Credit Facility and repayment of the project financing facility, the Company will have an estimated cash balance of US$50 million , total debt of US$50 million and undrawn Revolving Facility of US$70 million .

N. Eric Fier , CPG, P.Eng and CEO commented, "We would like to express our gratitude to RK for their partnership and support during the construction of Las Chispas. Having declared commercial production at Las Chispas with US$91 million of cash on the balance sheet as of November 1, 2022 , we are happy to transition to a facility that allows us to obtain greater flexibility and significantly lower our cost of capital at the same time. Our strong cash position coupled with this Credit Facility will allow us to manage the risks and opportunities as we enter our first full year of production."

Key terms of the Term Facility include:

  • US$50 million term facility;
  • 3-year term with a maturity date of November 28, 2025 ;
  • Interest rate is initially based on an adjusted Term SOFR 1 rate, plus an applicable margin ranging from 2.50% to 3.75%. The applicable Term SOFR margin will be set at 3.00% until June 30, 2023 ;
  • Repayment in consecutive equal quarterly instalments commencing June 30, 2023 , until the Term Facility Maturity Date; and
  • Amounts repaid under the Term may not be re-borrowed.

Key terms of the Revolving Facility include:

  • US$70 million revolving facility;
  • 4-year term, with a maturity date of November 27, 2026 ;
  • Interest rates are the same as the Term Facility. The undrawn portion of the Revolving Facility will be subject to a standby fee ranging from 0.5625% to 0.8438% per annum;
  • the Revolving Facility is available to the Company subject to customary conditions precedent; and
  • Amounts repaid under the Revolving Facility may be re-borrowed until the maturity date of the Revolving Facility.

_________________________________

1 SOFR means a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York.

ABOUT SILVERCREST METALS INC.

SilverCrest is a Canadian precious metals exploration and production company headquartered in Vancouver, BC , that is focused on new discoveries, value-added acquisitions and production assets in Mexico's historic precious metal districts. The Company's principal focus is operating its Las Chispas Mine, in Sonora, Mexico . SilverCrest's ongoing initiative is to increase its asset base by expanding current resources and reserves, acquiring and developing high value precious metals projects and ultimately operating multiple silver-gold mines in the Americas. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.

N. Eric Fier , CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/silvercrest-announces-us120-million-debt-refinancing-package-reduction-of-overall-debt-and-lower-cost-of-capital-301688946.html

SOURCE SilverCrest Metals Inc.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/November2022/29/c0735.html

News Provided by Canada Newswire via QuoteMedia

SIL:CA,SILV
The Conversation (0)
Andy Schectman, gold and silver bars

Andy Schectman: Gold, Silver Being Repriced, Big Money Standing for Delivery

Andy Schectman, president of Miles Franklin, weighs in on the factors moving gold and silver, emphasizing that their long-term drivers remain in place. "Nothing goes straight up without taking a breather, but you can still coexist. That can coexist with long-term bullishness, and I am hugely... Keep Reading...
Silver coins and a silver bar.

Willem Middelkoop: Silver Short Squeeze Not Over, Get Ready for Metal Wars

Willem Middelkoop, founder of Commodity Discovery Fund, breaks down his outlook for silver, saying that at this point US$200 or even US$300 per ounce is in the cards for the white metal. "We're in the first innings I think of this short squeeze, so it's not over yet," he said.Don't forget to... Keep Reading...
Silver bars in front of newspaper showing high price performance.

What Was the Highest Price for Silver?

Like its sister metal gold, silver has been attracting renewed attention as a safe-haven asset. Although silver continues to exhibit its hallmark volatility, a silver bull market is well underway. Experts are optimistic about the future, and as the silver price's momentum continues in 2026,... Keep Reading...
Aterian Plc (AIM:ATN)

Multiple Copper-Silver Mineralised Structures Identified, Agdz Est Project, Morocco

Aterian plc (AIM: ATN), the Africa-focused critical metals exploration company, is pleased to announce encouraging surface sampling results from its 100%-owned Agdz Est Copper-Silver ("Cu-Ag") Project ("Agdz Est" or the "Project") in the Kingdom of Morocco ("Morocco").The results identify... Keep Reading...
Chen Lin, silver bars.

Chen Lin: Silver Price Breakout — Key Drivers, Next Catalyst

Chen Lin of Lin Asset Management explains what's behind silver's move into the triple digits, weighing in China's key role in the market. He also talks about taking profits in silver, and shares his outlook for gold and critical minerals.Don't forget to follow us @INN_Resource for real-time... Keep Reading...
John Feneck, gold bars.

John Feneck: Silver's Next Price Target, Plus 10 Stocks to Watch

John Feneck, portfolio manager and consultant at Feneck Consulting, weighs in on recent silver and gold price milestones and shares his next targets. He also discusses stocks he's watching in sectors like silver, gold and "special situations."Don't forget to follow us @INN_Resource for real-time... Keep Reading...

Interactive Chart

Latest Press Releases

Related News