By Wendy Van Sickle
Columbus, Ohio, Oct. 7 – Endeavour Mining plc priced $500 million of 5% five-year senior notes (expected ratings BB-/BB) in a Thursday drive-by, according to market sources.
The notes were talked at 5½% to 5 5/8%, which was tightened from early guidance in the high 5% area.
Global coordinator Citigroup will bill and deliver for the Rule 144A and Regulation S offering. HSBC, ING and SG are joint bookrunners. Barclays, BMO and Macquarie are passive bookrunners.
The notes come with two years of call protection.
The George Town, Cayman Islands-based gold mining company has operations principally in Africa.
The company plans to use the proceeds plus balance sheet cash to pay off its bridge loan and revolver.
| Issuer: | Endeavour Mining plc
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| Issue: | Senior notes
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| Amount: | $500 million
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| Maturity: | Oct. 14, 2026
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| Bookrunners: | Citigroup, HSBC, ING and SG (active) and Barclays, BMO and Macquarie (passive)
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| Coupon: | 5%
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| Call option: | After two years
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 14
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| Expected ratings: | S&P: BB-
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| Fitch: BB
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| Distribution: | Rule 144A and Regulation S
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| Talk: | 5½% to 5 5/8%, tightened from high 5% area
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