JOHANNESBURG (miningweekly.com) – NYSE- and TSX-listed Barrick Gold on Tuesday announced a debt tender offer for noteholders for an aggregate $1.15-billion.
The offer to buy the series of notes, due between 2018 and 2023, by Barrick, Barrick North America Finance and Barrick Australia Finance, would expire on December 29 and be settled the next day, unless extended.
Noteholders validly tendering before December 14 would qualify for an early tender premium of $30 for each $1 000 of the principal amount of the notes accepted for purchase.
The tender offer, which remained subject to certain conditions, would also pay out accrued and unpaid interest up to the expiration date.
Meanwhile, Barrick said it had completed the sale of a 50% stake in the Zaldívar copper mine to Antofagasta, with the proceeds from the deal to be used to reduce debt.
This year, Barrick had embarked on asset sales, joint ventures and partnerships worth $3.2-billion and was on track to meet its stated debt reduction target of $3-billion – a 23% reduction in total debt since the start of 2015.