0001104659-26-045782
SEC filingSkeena Resources Limited completed a US$750 million 8.500% senior secured notes offering due 2031, cancelled prior undrawn facilities, and allocated proceeds to repurchase part of its gold stream and fund Eskay Creek construction.
Skeena Resources Limited secured US$750 million through an 8.500% senior secured notes offering maturing in 2031, providing substantial liquidity for key project advancement. The notes feature semi-annual interest payments and a two-year non-call period, balancing cost of capital with flexibility. Critically, the company cancelled its undrawn US$350 million senior secured loan and cost overrun facility tied to the US$200 million Gold Stream with Orion and affiliates, avoiding any penalties due to the facilities remaining untapped. This restructuring simplifies the capital structure ahead of construction ramp-up. Proceeds allocation prioritizes strategic deleveraging and project funding: US$184 million repurchases 66.67% of the Gold Stream, materially reducing future streaming obligations and enhancing economics; US$94 million prefunds the first three interest payments in a reserve account, mitigating near-term cash outflows; and approximately US$470 million supports Eskay Creek's remaining construction via a disbursement account, alongside general corporate needs and transaction costs. This financing bolsters balance sheet resilience, de-risks development, and positions Skeena to execute on its flagship asset without immediate dilution or further draws on prior commitments.