VANCOUVER (miningweekly.com) – Iamgold on Monday announced the early tender results of its cash tender offer for up to $150-million in principal amount of the company’s outstanding 6.75% senior notes due 2020, advising that $145.7-million in principal, or about 23% of notes outstanding, had been tendered and not withdrawn by the early tender deadline on August 19.
The company said it would proceed with the purchase of all tendered notes on the early settlement date.
The total payment for each $1 000 principal amount of the notes is $970, which comprises an early tender payment of $30 and a tender payment of $940.
The offer will expire at 12:00 am Eastern Time on September 2, unless extended or earlier terminated.
The Canadian miner had last week closed a $230-million bought deal financing, with a $30-million overallotment option fully exercised.
Iamgold previously stated that it intended to use the money raised to strengthen its balance sheet by reducing indebtedness and to fund future growth, especially the expansion of the Sadiola mine, in Mali – a joint venture between Iamgold (41%), operator AngloGold Ashanti (41%) and the Mali government (18%).