New Issue: Iamgold prices upsized $650 million 6¾% eight-year notes at par

By Paul A. Harris

Portland, Ore., Sept. 14 - In its debut in the high-yield market, Toronto-based gold mining company Iamgold Corp. priced an upsized $650 million issue of eight-year senior notes (B1/BB-/) at par to yield 6¾% on Friday, according to a syndicate source.

The yield printed at the wide end of the 6½% to 6¾% yield talk.

Citigroup Global Markets Inc. was the left bookrunner for the deal, which was upsized from $500 million. Scotia Capital (USA) Inc. was the joint bookrunner.

Proceeds will be used for general corporate purposes, including capital expenditures and development.

Issuer:	Iamgold Corp.
Amount:	$650 million, increased from $500 million
Maturity:	Oct. 1, 2020
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunner:	Scotia Capital (USA) Inc.
Co-lead managers:	CIBC World Markets, TD Securities (USA) LLC
Co-managers:	National Bank of Canada Financial, RBC Capital Markets Corp., SG CIB
Coupon:	6¾%
Price:	Par
Yield:	6¾%
Spread:	489 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Oct. 1, 2016, then callable at 103.375, 101.688, par on and after Oct. 1, 2018
Equity clawback:	35% at 106.75 until Oct. 1, 2015
Change-of-control put:	101%
Trade date:	Sept. 14
Settlement date:	Sept. 21
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	6½% to 6¾%
Marketing:	Roadshow

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