Australia's St. Barbara to buy back A$22.5 million convertibles at 94 in tender

New York, March 26 - St. Barbara Ltd. said it will buy back A$22.5 million of its convertible notes due 2012 at a price of 94 in its cash tender offer for up to A$50 million principal amount of the securities.

In total the company will pay A$21.15 million in cash in the offer. Settlement is scheduled for March 31.

Following the repurchase, St. Barbara will have A$77.1 million of the notes outstanding.

St. Barbara announced the tender on March 18 and said the notes would be bought at a clearing price, less a brokerage commission of 1% that will be paid to the dealer manager.

Tenders had to be submitted by 12 p.m. ET on March 20, with an electronic tender confirmation required by 7 a.m. ET on March 25.

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.

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

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

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