Apex Silver Mines $125 million convert talked at 2.375-2.875%, up 25-30%

By Ronda Fears

Nashville, March 9 - Apex Silver Mines Ltd. launched $125 million of 20-year convertible notes talked to yield 2.375% to 2.875% with a 25% to 30% initial conversion premium via sole bookrunner Citigroup Global Markets Inc.

The Rule 144A issue is scheduled to price after Wednesday's close. There is a management call at 10 a.m. ET on Wednesday.

The senior subordinated notes have a provisional call trigger of 140% through year 10, with a premium make-whole provision. There are puts in years 10 and 15. There also is a 120% contingent conversion trigger.

Holders will have dividend protection in the way of a conversion ratio adjustment.

There is a $50 million greenshoe available.

Grand Cayman Island-based Apex Silver plans to use the net proceeds from the offering to finance a portion of the construction and development of its San Cristobal project, advance evaluation of exploration properties and for other general purposes.

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