(Alliance News) - Yamana Gold Inc on Thursday said it is selling USD500 million of bonds as part of a plan to cut overall debt, reduce interest payments and extend maturities.
Shares in the Toronto-based company, which has mines in Argentina, Brazil, Canada and Chile, were up 3.3% to 322.40 pence in London on Thursday morning.
The 10-year, unsecured senior notes will have a coupon on 2.630%. The proceeds will be used, together with cash on hand, to redeem existing bonds. The offering is expected to close on Friday.
The bonds to be redeemed are 4.76% series C senior notes due 2022, 4.78% series B senior notes due 2023, 4.91% series D senior notes due 2024, and 4.95% senior notes due 2024.
Yamana had total debt of USD994.9 million as of June 30.
By Ivan Edwards; ivanedwards@alliancenews.com
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