Silver Wheaton Lower By 5% Thursday Morning: Here's What Happened

Shares of Silver Wheaton Corp.

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27% profit every 20 days?

(NYSE: SLW) were trading lower by more than 5 percent early Thursday morning after the company

announced a $500 million bought deal financing.Silver Wheaton has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets to acquire, on a bought deal basis, 30.125 million common shares of Silver Wheaton's stock at a price of $16.60 per share.Silver Wheaton's stock closed for trading at $17.65 on Wednesday.The total gross proceeds of the sale is approximately $500 million and the company has granted the underwriters an option to acquire an additional 4.518 million shares at $16.60 per share.Silver Wheaton will use the gross proceeds to pay a portion of a debt that was drawn from its $2 billion revolving credit facility in November 2015.AS of December 31, 2015, Silver Wheaton held approximately $103 million on cash and $1.466 billion outstanding under its revolving credit facility.