By Abigail W. Adams
Portland, Me., Sept. 18 – Equinox Gold Corp. priced $150 million of five-year convertible notes after the market close on Monday at par with a coupon of 4.75% and an initial conversion premium of 20%, according to a market source and a company news release.
BMO Capital Markets led the bought deal which will be marketed via Rule 144A and Regulation S.
The offering carries a greenshoe of $22.5 million.
The notes are non-callable for three years and then subject to a 130% hurdle.
They are putable upon a fundamental change.
Proceeds will be used to repay debt and for general corporate purposes.
Equinox Gold is a Vancouver, B.C.-based mining company.
Issuer: | Equinox Gold Corp.
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Amount: | $150 million
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Greenshoe: | $22.5 million
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Issue: | Convertible senior notes
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Maturity: | Oct. 15, 2028
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Bookrunner: | BMO Capital Markets
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Coupon: | 4.75%
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Price: | Par
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Yield: | 4.75%
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Conversion premium: | 20%
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Conversion price: | $6.30
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Conversion rate: | 158.7302
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Call options: | Non-callable for three years and then subject to a 130% hurdle
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Put options: | Upon a fundamental change
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Pricing date: | Sept. 18
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Settlement date: | Sept. 21
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Distribution: | Rule 144A and Regulation S
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Stock symbol: | NYSE: EQX
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Stock price: | $5.24 at market close Sept. 18
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Market capitalization: | $1.64 billion
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