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Pan American and Agnico Eagle will use bank debt to buy Yamana Gold
Chicago, Nov. 22 – Pan American Silver Corp. and Agnico Eagle Ltd. are buying Yamana Gold Inc. with cash and shares, according to a press release.
The binding offer consists of 153,539,579 common shares in the capital of Pan American, $1 billion in cash from Agnico Eagle and 36,089,907 common shares in the capital of Agnico Eagle.
The binding offer is not subject to any financing condition or additional due diligence.
The offer tops a previous offer made for Yamana by Gold Fields Ltd., and consequently Yamana notified Gold Fields of its intention to accept the superior offer.
Yamana had to pay $300 million to terminate the offer from Gold Fields. Pan American funded $150 million in cash to Yamana to help pay for the termination fee.
Pan American announced in a related investor presentation that Bank of Montreal has made a commitment for a sustainability-linked $750 million revolving credit facility.
BMO Capital Markets and GenCap Mining Advisory Ltd. are acting as financial advisers to Pan American in connection with the binding offer. BMO Capital Markets and National Bank Financial have each provided a fairness opinion to Pan American's board of directors. Borden Ladner Gervais LLP is serving as counsel to Pan American.
Trinity Advisors Corp. and Maxit Capital LP are acting as financial advisers to Agnico Eagle in connection with the binding offer. Davies Ward Phillips & Vineberg LLP is serving as counsel to Agnico Eagle.
Yamana Gold is a Toronto-based gold producer. Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico.
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