Yamana Gold sells USD500 million 10-year bonds to cut borrowing costs

(Alliance News) - Yamana Gold Inc on Thursday said it is selling USD500 million of bonds as part ...

Alliance News 5 August, 2021 | 11:24AM
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(Alliance News) - Yamana Gold Inc on Thursday said it is selling USD500 million of bonds as part of a plan to cut overall debt, reduce interest payments and extend maturities.

Shares in the Toronto-based company, which has mines in Argentina, Brazil, Canada and Chile, were up 3.3% to 322.40 pence in London on Thursday morning.

The 10-year, unsecured senior notes will have a coupon on 2.630%. The proceeds will be used, together with cash on hand, to redeem existing bonds. The offering is expected to close on Friday.

The bonds to be redeemed are 4.76% series C senior notes due 2022, 4.78% series B senior notes due 2023, 4.91% series D senior notes due 2024, and 4.95% senior notes due 2024.

Yamana had total debt of USD994.9 million as of June 30.

By Ivan Edwards; ivanedwards@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Yamana Gold Inc 307.50 GBX -3.45 -
Yamana Gold Inc 5.37 CAD 1.51 -

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