First Majestic to price $150 million in five-year convertible notes

By Abigail W. Adams

Portland, Me., Jan. 24 – First Majestic Silver Corp. plans to price $150 million in five-year convertible senior notes.

The regulation S deal will carry a greenshoe of $22.5 million, according to a company release.

Proceeds will be used to fund the recently announced acquisition of Primero Mining Corp. and for general corporate purposes.

The notes are callable under certain circumstances, including the non-acquisition of Primero Mining, according to the release.

Holders will have the right to require First Majestic to repurchase the notes on certain events.

First Majestic is a Vancouver, B.C.-based mining company focused on silver production in Mexico.

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