Precious metals miner Yamana Gold will raise $500-million in a notes offering to restructure its debt.
The TSX-, NYSE- and LSE-listed company on Wednesday priced an offering of 2.63% senior notes due August 2031.
The net proceeds from the offering, together with cash on hand, will be used to fund the redemptions of its 4.76% series C senior notes due 2022, its 4.91% series D senior notes due 2024, its 4.78% series B senior notes due 2023 and its 4.950% senior notes due 2024.
Yamana said this would reduce the overall outstanding debt, lower overall interest and carrying charges on outstanding debt, as well as extend outstanding debt maturities.