Detour Gold buys back $60 million convertible notes

New York, Aug. 22 – Detour Gold Corp. said it repurchased $60 million of its convertible notes due 2017 for $62.1 million plus $0.7 million of accrued interest.

The buyback brings the amount of convertibles repurchased so far this year to $142 million, according to the news release.

Following the latest transaction, the company has $358 million of the convertibles outstanding.

“As the company’s financial position continues to strengthen, we have taken this opportunity to further reduce debt levels from existing cash balances. With continued confidence in the gold price, we expect to re-finance less than $300 million of notes at maturity,” said James Mavor, Detour’s chief financial officer, in the news release.

Detour Gold is a Toronto-based gold producer with a 100% interest in the Detour Lake mine, a large scale open-pit operation.

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