By Jennifer Chiou
New York, March 19 - Agnico-Eagle Mines Ltd. announced a private placement of $600 million of guaranteed senior unsecured notes due 2017, 2020 and 2022.
The securities will have a weighted average maturity of 9.84 years and a weighted average yield of 6.59%.
The company said it has received non-binding commitments from institutional investors in the United States and Canada.
Net proceeds from the sale are earmarked for reducing amounts outstanding under the company's credit lines.
Settlement is expected in April.
Toronto-based Agnico-Eagle (NYSE: AEM) is a gold producer.
Issuer: | Agnico-Eagle Mines Ltd.
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Issue: | Guaranteed senior unsecured notes
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Amount: | $600 million
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Maturities: | 2017, 2020 and 2022
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Average life: | 9.84 years
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Coupon: | 6.59% weighted average
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Announcement date: | March 19
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Settlement date: | In April
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Distribution: | Private placement
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