Financial Flexibility

Silvercorp Metals Inc. (SVM) has filed a base shelf prospectus allowing it to offer up to $400 million USD in securities (common/preferred shares, debt, etc.) over 25 months. While effective with Canadian and U.S. regulators, Silvercorp states there’s “no present intention” to immediately offer securities. This move provides financial flexibility for future opportunities, aligning with Silvercorp’s strategy of long-life mines, exploration, and potential M&A activity in a dynamic market. Future offerings would be detailed in prospectus supplements and depend on market conditions.

Dream Finders Homes (DFH) announced a proposed offering of up to $300 million in unsecured senior notes due 2030. The proceeds would be used to reduce borrowings under its revolving credit facility and for general corporate purposes. The notes will be guaranteed by DFH’s subsidiaries. The offering’s success depends on market conditions and is limited to qualified institutional buyers and non-U.S. persons. DFH, a rapidly expanding homebuilder, operates across multiple states and offers mortgage financing and title services.

Macy’s, Inc. announced early results of its cash tender offer, increasing the maximum amount to $250 million. The offer targets outstanding notes and debentures, prioritizing retirement based on a predetermined hierarchy. Early tenders exceeded the initial target, and Macy’s will accept specific amounts of each series. The Early Settlement Date is set for July 29, 2025. The company plans to use proceeds from a new senior notes offering and existing cash to fund the buyback, redeem other debt, and cover related expenses.

Delek Logistics Partners, LP successfully priced a $700 million offering of 7.375% senior notes due 2033. The notes, issued by Delek Logistics and its subsidiary, will be issued at par, closing June 30, 2025, and are intended to repay outstanding borrowings. This offering targets qualified institutional buyers and non-US persons. The deal highlights investor confidence in the midstream energy sector. Delek Logistics provides transportation, storage, and marketing services.

Kite Realty Group Trust (KRG) announced a $300 million senior notes offering by Kite Realty Group, L.P., consisting of 5.200% Senior Notes due 2032. The notes are offered at 99.513% of face value, yielding 5.281% to maturity, with semi-annual interest payments. Proceeds will be used to repay debt and for general corporate purposes. Closing is expected on June 27, 2025. KRG, a REIT focused on grocery-anchored properties, owns 180 shopping centers.

Avino Silver & Gold Mines Ltd. renewed its At-The-Market (ATM) equity program, allowing for the distribution of up to $40 million in common shares through a sales agreement. This provides Avino with strategic financial flexibility, enabling share sales at prevailing market prices via the NYSE American and other markets. The company will pay commissions up to 3.0% on gross proceeds, though there’s no guarantee of sales. The ATM program, approved conditionally by the Toronto Stock Exchange, aims to support Avino’s financial planning and growth.

OR Royalties Inc. amended its revolving credit facility, switching to U.S. dollar denomination and increasing it to $650 million, with a potential $200 million accordion. The company aims to leverage this enhanced financial flexibility for growth opportunities. Furthermore, OR Royalties will receive $49 million from the MAC Copper acquisition by Harmony Gold.

Targa Resources Corp. announced a $1.5 billion senior notes offering, comprising notes due 2030 and 2036. Proceeds will redeem existing 2027 notes and be used for general corporate purposes, providing financial flexibility. The offering is under an effective shelf registration with the SEC, and the deal is expected to close June 18, 2025.