Iamgold announces early tender results for 7% senior notes due 2025

By Taylor Fox

New York, Sept. 22 – Iamgold Corp. announced the early tender results of its cash tender offer for any and all of its $400 million 7% senior notes due 2025 (Cusips: 450913AE8, C4535AAB6), according to a press release.

As of the 5 p.m. ET Sept. 21 early tender deadline, $152,887,000 of the notes, 38.22% of the notes outstanding, were validly tendered and not withdrawn. Iamgold intends to accept for purchase all such notes.

As previously reported, the offer will expire at 11:59 p.m. ET on Oct. 5.

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 tendered their notes at or prior to the early tender date will 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.

Notes may be tendered and will be accepted for payment only in denominations of $2,000 and any integral multiple $1,000.

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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