Pan American announces success of consent bid for Yamana notes

By Wendy Van Sickle

Columbus, Ohio, May 5 – Pan American Silver Corp. announced the success of wholly owned subsidiary Yamana Gold Inc.’s solicitation of consents from holders to some proposed amendments to its 4.625% senior notes due 2027 and its 2.63% senior notes due 2031.

By the expiration time of 5 p.m. ET on May 4, holders of a majority of the notes had delivered their consents to the proposed amendments. As a result, for so long as the notes are guaranteed by Pan American or any other entity that directly or indirectly controls Yamana, reports of Pan American or of such other controlling entity may be provided in lieu of reports of Yamana.

As reported on April 27, the consent solicitations are being conducted in connection with the recently completed court-approved statutory plan of arrangement under the Canada Business Corporations Act under which Pan American acquired all of the outstanding common shares of Yamana. In connection with the arrangement, the common shares of Yamana were delisted from the New York Stock Exchange, the London Stock Exchange and Toronto Stock Exchange, and Pan American has fully and unconditionally guaranteed the notes.

Yamana was soliciting consents to amend the reporting covenant of the indenture.

Holders of record as of 5 p.m. ET on April 26 were eligible to deliver consents.

Yamana will make a cash payment of $1.50 per $1,000 principal amount of notes by May 11 to holders who delivered and did not revoke valid consents.

D.F. King & Co., Inc. (212 269-5550, 800 714-3310 or yamana@dfking.com) is the information and tabulation agent.

RBC Capital Markets, LLC (212 618-7843, 877 381-2099 or liability.management@rbccm.com) is the solicitation agent.

Yamana Gold is a Toronto-based gold producer. Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.