By Abigail W. Adams
Portland, Me., Jan. 31 – Endeavour Mining Corp. priced $300 million in five-year convertible notes after the market close on Tuesday at the cheap end of talk with a coupon of 3% and an initial conversion premium of 32.5%.
Price talk had been for a coupon of 2.25% to 3% and an initial conversion premium of 32.5% to 37.5%, according to a market source.
Citigroup, Barclays and Societe Generale are joint bookrunners for the Rule 144A and Regulation S deal, which carries a greenshoe of $30 million.
The notes are convertible into cash, shares or a combination of both at the company’s option.
The notes will be issued with a minimum principal denomination of $200,000 each.
The company will apply to have the notes listed for trade on the International Stock Exchange or another internationally recognized stock exchange or securities market no later than April 30, according to a company release.
The company has agreed to a 90-day lock up in connection with the offerings.
Net proceeds are expected to be $296.3 million, or $325.9 million if the greenshoe is exercised. Proceeds will be used to refinance indebtedness and for general corporate purposes.
Endeavour Mining is a London-based intermediate gold producer focused on developing gold mines in West Africa with a registered office in George Town, Cayman Islands.
| Issuer: | Endeavour Mining Corp.
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| Securities: | Convertible senior notes
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| Amount: | $300 million
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| Greenshoe: | $30 million
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| Maturity: | Feb. 15, 2023
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| Bookrunners: | Citigroup, Barclays and Societe Generale
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| Coupon: | 3%
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| Price: | Par
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| Conversion premium: | 32.5%
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| Conversion price: | $23.90, fixed exchange rate of C$1.2328 = $1
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| Conversion rate: | 41.8363
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| Pricing date: | Jan. 30
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| Settlement date: | Feb. 5
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| Talk: | For a coupon of 2.25% to 3% and an initial conversion premium of 32.5% to 37.5%
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| Stock symbol: | TSX: EDV
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| Stock price: | C$21.80
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| Market capitalization: | C$2.39 billion
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