By Cristal Cody
Tupelo, Miss., Nov. 30 – Yamana Gold Inc. sold $300 million of 4.625% split-rated 10-year senior notes (Baa3/BB+/BBB-) at a spread of 225 basis points over Treasuries, according to additional details of the deal from a market source.
The notes priced Wednesday on the tight side of talk in the Treasuries plus 230 bps area.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and RBS Securities Inc. were the active bookrunners.
The notes will be unconditionally guaranteed by certain Yamana subsidiaries that also are guarantors under Yamana’s credit facility.
Proceeds will be used to repay outstanding debt as it comes due and, pending such use, to repay the outstanding amount on the company’s credit facility.
Yamana Gold is a Toronto-based gold producer.
| Issuer: | Yamana Gold Inc.
|
| Guarantors: | Certain Yamana subsidiaries that also are guarantors under Yamana’s credit facility
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | Dec. 15, 2027
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and RBS Securities Inc.
|
| Passive bookrunners: | BofA Merrill Lynch, Barclays and CIBC World Markets Inc.
|
| Coupon: | 4.625%
|
| Spread: | Treasuries plus 225 bps
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB+
|
| Fitch: BBB-
|
| Price talk: | Treasuries plus 230 bps area
|
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