SSR Mining greenshoe lifts 2.5% convertibles due 2039 to $230 million

By Marisa Wong

Morgantown, W.Va., March 19 – SSR Mining Inc. said the initial purchasers of its recent offering of 2.5% convertible notes due 2039 exercised their $30 million over-allotment option in full, bringing the total size of the issue to $230 million.

As previously reported, SSR Mining priced $200 million of the 20-year convertible notes after the market close on March 13 at par with a coupon of 2.5% and an initial conversion premium of 35%.

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.

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 years 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.

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