Australia's St. Barbara tenders for A$50 million of convertibles

New York, March 17 - St. Barbara Ltd. announced a cash tender offer to buy up to A$50 million principal amount of its convertible notes due 2012.

Notes will be bought at a clearing price, less a brokerage commission of 1% that will be paid to the dealer manager.

Tenders must be submitted by 12 p.m. ET on March 20, with an electronic tender confirmation required by 7 a.m. ET on March 25. The company expects to announce the amount of notes it will buy on March 27 and settlement is expected on March 31.

St. Barbara said the offer is part of its "active management of its balance sheet" following an equity private placement that raised A$75 million net of costs in February. The company noted that its convertibles are putable on June 4, 2010.

It currently has A$99.6 million of the convertibles outstanding.

The tender agent is J.P. Morgan Securities Ltd.

St. Barbara is a Melbourne, Australia, gold miner.

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