- A day after announcing a share sale to fund its precious metals streaming deal with Glencore, Franco-Nevada (NYSE:FNV +6.1%) boosts the size of the financing by 45% because of strong demand.
- FNV says the bought-deal transaction will raise at least $800M through the sale of 16.7M shares for $47.85 each; yesterday it had expected to raise $550M in a bought deal.
- FNV now says some of the proceeds may be used to pay down its credit facility, as well as for further investments and to fund the $500M purchase of the precious metals stream on production from Glencore’s Antapaccay mine in Peru.
- FNV has $290M in net debt and a partly drawn $1B credit facility, CEO David Harquail says.