Nord Gold buys back $50 million 6 3/8% notes due 2018 in open market

New York, Dec. 16 – Nord Gold NV said it repurchased $50 million of its 6 3/8% notes due 2018 through a buyback program executed in the open market.

Following the repurchases, the company has $450 million of the securities outstanding.

“I am pleased to announce the successful completion of the eurobonds buyback program,” said chief executive officer Nikolai Zelenski in a news release.

“Nordgold is financially sound and has used surplus cash to repurchase eurobonds in the open-market in accordance with the company’s strategy to reduce leverage through effective debt management further strengthening the balance sheet.”

The buyback was approved by the company’s board of directors on Aug. 28.

Nordgold is a Russian low-cost gold producer with operations in Kazakhstan, Russia and West Africa. It is incorporated in the Netherlands.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.