Endeavour Mining (TSX: EDV) this morning announced the launch of its senior notes offering. The firm is issuing fixed-rate senior notes due 2026 with a total principal amount of $500 million.
The gold producer said the proceeds from the senior notes offering will be primarily used to repay its $370 million bridge term loan facility which was used to retire acquired debt from the acquisition of Teranga Gold Corporation. Part of the proceeds is also intended to repay $130 million drawn from the company’s revolving credit facility and to pay fees and expenses related to the offering.
Related to the offering, the company is also entering into a new $500 million revolving credit facility, which has a 4-year tenor and is possible to be increased to $650 million. The facility is expected to be utilized for general corporate purposes and to replace the current bridge and existing revolving credit facilities.
Endeavour Mining last traded at $27.21 on the TSX.
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