0001171843-26-002201
SEC filingSkeena Resources announced the pricing of a US$750 million Senior Secured Notes offering due 2031 to refinance project financing and fund a partial buyback of its existing gold stream.
Skeena Resources Limited is executing a significant refinancing strategy through the issuance of US$750 million in 8.500% Senior Secured Notes due 2031. The transaction is structured to optimize the Company's capital structure as it advances the Eskay Creek project towards production in the second quarter of 2027. The use of proceeds is explicitly allocated to reduce existing streaming obligations and establish an interest reserve, which mitigates near-term cash flow requirements during the construction phase.
Specifically, the Company intends to utilize approximately US$184 million to execute a 'Stream Buy-Down,' reducing the gold stream percentage deliverable to Stream Purchasers by 66.67%. This action is coupled with the cancellation of the existing undrawn US$350 million senior secured term loan and cost over-run facility. Management states that these refinancing actions are intended to improve future operating margins, increase exposure to gold prices, and enhance the overall project economics for Eskay Creek. The Notes are secured by a first priority lien on the Eskay Creek project assets and guaranteed by relevant subsidiaries. The offering is expected to close on or about April 10, 2026.