Iamgold tenders for all $400 million 7% senior notes due 2025

By Sarah Lizee

Olympia, Wash., Sept. 8 – Iamgold Corp. launched a cash tender offer for any and all of its $400 million 7% senior notes due 2025 (Cusips: 450913AE8, C4535AAB6), according to a press release.

The offer will expire at 11:59 p.m. ET on Oct. 5.

The early tender date will be 5 p.m. ET on Sept. 21. Tenders may be withdrawn prior to the early tender date.

The total consideration will be $1,054.25 per $1,000 of notes, which includes an early tender payment of $30 per $1,000 of notes.

Holders who tender their notes at or prior to the early tender date will be eligible to receive the early tender payment.

Holders will also receive accrued interest.

Settlement is expected for Oct. 7. Early settlement is slated for Sept. 23.

Concurrently with the launch of the tender offer, the company issued a conditional notice of redemption under which it will redeem any notes not purchased in the offer at a price of 105.25 plus accrued interest to but excluding the redemption date of Oct. 8.

The offer is conditional on the closing of a private offering of debt securities.

The dealer managers are Deutsche Bank Securities (855 287-1922, 212 250-7527) and Citigroup Global Markets Inc. (212 723-6106, 800 558-3745). The tender agent is D.F. King & Co., Inc. (212 269-5550, 866 207-3626).

The gold-mining company is based in Toronto.

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