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Iamgold Prices $400m Of Senior Notes Due 2025
Source : Mining Weekly    Date : Friday 10 Mar, 2017 | 08:44 GMT
Midtier gold miner Iamgold has priced a private offering of $400-million principal amount of senior notes due 2025, the proceeds of which it will use to redeem its $489-million of outstanding 6.75% senior notes due in October 2020 by April 2.

The notes bear a coupon of 7% and are being issued at a price of 100% of their face amount.

The offering is expected to close on March 16, subject to customary closing conditions.

"Our four-year plan is to increase gold production to one-million ounces and to significantly reduce costs. While we continue to be very comfortable with our strong financialposition today, reducing our long-term debt and extending the maturity date of our notes to 2025 improves our capital structure and supports our ability to fund our growth pipeline over the four-year horizon and beyond,” executive VP and CFO Carol Banducci said.
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