Iamgold offers to buy back up to $150 million of 6¾% notes due 2020

By Angela McDaniels

Tacoma, Wash., Aug. 8 – Iamgold Corp. began a tender offer for up to $150 million principal amount of its $635 million outstanding 6¾% senior notes due 2020, according to a company news release.

The company is offering $970 per $1,000 principal amount of notes. This includes a $30 early tender payment for each note tendered by the early tender time, 5 p.m. ET on Aug. 19.

The company will also pay accrued interest up to but excluding the payment date.

The tender offer will expire at midnight ET on Sept. 2.

The settlement date is expected to be Aug. 22 for notes tendered by the early tender time and Sept. 6 for notes tendered after the early tender time but prior to the expiration date.

If the amount of notes tendered in the offer exceeds the cap, then the company will accept notes on a pro rata basis.

If the offer is oversubscribed as of the early tender time, no notes tendered after the early tender time will be accepted for purchase.

The tender offer is not conditioned on any minimum participation by the holders. It is conditioned on the completion of an equity offering.

The dealer manager is Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The information and tender agent is Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or info@gbsc-usa.com).

Iamgold is a gold mining company based in Toronto.

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