Business
Endeavour Mining Provides Information on Convertible Note Offering
George Town, January 31, 2018 - Endeavour Mining Corporation (TSX: EDV) (the "Company") provides information concerning the planned issuance of its US$300 milli
About this update from Endeavour Mining Plc
[{"type":"text","content":"George Town, January 31, 2018 - Endeavour Mining Corporation (TSX: EDV) (the \"Company\") provides information concerning the planned issuance of its US$300 million convertible senior notes (the \"Notes\") announced yesterday. The Notes will bear a 3% annual coupon maturing in February 2023. The conversion price has been set at CAD29.47 (US$23.90) based on a 32.5% premium and the Company has the option to settle its obligation through the payment of cash, the delivery of shares, or any combination of cash and shares (subject to certain conditions). The Notes will be used as the Company's primary source of long-term funding due to its associated lower coupon rate in comparison to the cost of the Company's revolving credit facility (\"RCF\"). The Company intends to repay the US$300 million drawn portion of the RCF and reduce the RCF available commitment from US$500 million to US$350 million, and thereby minimize commitment fees on undrawn amounts. The offering will therefore not have a material impact on the Company's net debt or net leverage. Following this Note offering, the Company will: Extend its debt maturity profile as the Notes mature in 2023, compared with 2021 for the RCF. Increase its available liquidity in connection with the Company's growth project pipeline. Reduce its overall financing costs. IMPORTANT NOTE This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any Shares issuable upon conversion of the Notes, nor shall there be any offer or sale of the Notes or any such Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offer and sale of the Notes and the Shares, if any, due upon conversion have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or the securities laws of any other jurisdiction, and the Notes will be offered and sold: (i) outside the United States in reliance on Regulation S under the U.S. Securities Act (\"Regulation S\"); or (ii) to qualified institutional buyers (\"QIBs\") in reliance on the exemption from registration provided by Rule 144A under the U.S. Securities Act (\"Rule 144A\"). In member states of the European Economic...