By Abigail W. Adams
Portland, Me., March 14 – SSR Mining Inc. priced $200 million of 20-year convertible notes after the market close on Wednesday at par with a coupon of 2.5% and an initial conversion premium of 35%, according to a company press release.
Pricing came at the cheap end of price talk for a coupon of 2% to 2.5% and at the midpoint of talk for an initial conversion premium of 32.5% to 37.5%.
BMO Capital Markets Corp. and RBC Capital Markets LLC were joint bookrunners for the Rule 144A and Regulation S offering, which carries a greenshoe of $30 million.
The notes are non-callable for four years, callable until year seven subject to a 130% hurdle and then freely callable.
There are investor puts in year seven, 10 and 15.
There is takeover and dividend protection.
Proceeds will be used to purchase a portion of the company’s 2.875% convertible notes due 2033 and for general corporate purposes.
SSR Mining is a Vancouver, B.C.-based precious metals producer.
| Issuer: | SSR Mining
|
| Securities: | Convertible senior notes
|
| Amount: | $200 million
|
| Greenshoe: | $30 million
|
| Maturity: | April 1, 2039
|
| Bookrunners: | BMO Capital Markets Corp. and RBC Capital Markets LLC
|
| Coupon: | 2.5%
|
| Price: | Par
|
| Yield: | 2.5%
|
| Conversion premium: | 35%
|
| Conversion price: | $18.48
|
| Conversion rate: | 54.1082
|
| Call options: | Non-callable for four years, callable until year seven subject to a 130% hurdle and then freely callable
|
| Put options: | Puts in year seven, 10 and 15
|
| Pricing date: | March 13
|
| Settlement date: | March 19
|
| Distribution: | Rule 144A and Regulation S
|
| Talk: | Coupon of 2% to 2.5% and initial conversion premium of 32.5% to 37.5%
|
| Stock symbol: | Nasdaq: SSRM
|
| Stock price: | $13.69 at market close March 13
|
| Market capitalization: | $1.66 billion
|
© 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.
