- Canadian banks are getting nervous as they struggle to find buyers for Silver Wheaton's (SLW -1.2%) $800M bought deal financing, Financial Post reports, as the company's stock continues to trade below the offer price.
- Sources say a very large portion remains unsold, with one describing the deal as a "train wreck.”
- The bought deal, announced Monday after the close, was priced at US$20.55/share, representing a 3% discount to SLW’s closing price that day.
- This is the third time in recent months where banks had trouble selling a very large mining stock offering, following Barrick Gold and Franco Nevada offerings that proved to be tough sells; FP says it shows that investor appetite for these stocks is not endless amid rough market conditions.