Silver Standard greenshoe lifts 2.875% convertibles to $265 million

By Tali David

Minneapolis, Feb. 13 - Underwriters for Silver Standard Resources Inc.'s 2.875% convertible senior notes offering partially exercised their over-allotment option, adding an additional $15 million, according to a press release.

The company priced $250 million of the convertibles on Jan. 16 with a $37.5 million greenshoe. The issue size is now $265 million.

Citigroup Global Markets Inc. and BMO Capital Markets Corp. are the joint bookrunners of the Rule 144A and Regulation S offering.

The conversion price is $20. The initial conversion premium is 42.86%.

As previously reported, up to about $138 million of the proceeds will be used to repurchase or redeem the company's existing convertible notes in March, and the remaining proceeds are for general corporate purposes, which may include developing or advancing its property portfolio.

Silver Standard is a Vancouver, B.C.-based silver mining company.

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