New York, March 10 - Apex Silver Mines Ltd. priced an upsized $150 million of convertible senior subordinated notes at par to yield 2.875% with a 31% initial conversion premium after the close Wednesday.
The deal was increased from an announced size of $125 million and priced with a yield at the high end of talk of 2.375% to 2.875% and a conversion premium slightly higher than talk of 25% to 30%.
Citigroup Global Markets Inc. was bookrunner for the Rule 144A and Regulation S deal.
The Denver-based miner will use proceeds to help fund construction and development of its San Cristobal Project, to advance evaluation of exploration properties and for other general corporate purposes.
| Issuer: | Apex Silver Mines Ltd.
|
| Issue: | Convertible senior subordinated notes
|
| Amount: | $150 million
|
| Greenshoe: | $50 million
|
| Maturity: | 2024
|
| Coupon: | 2.875%
|
| Price: | Par
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| Yield: | 2.875%
|
| Conversion premium: | 31%
|
| Conversion price: | $28.62
|
| Conversion ratio: | 34.9406
|
| Contingent conversion: | 120%
|
| Call: | March 15, 2014 onwards at par
|
| Provisional call: | Up to March 15, 2014 subject to 140% trigger with make-whole
|
| Put: | In years 10 and 15 at par
|
| Pricing date: | March 10, after close
|
| Settlement: | March 16
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Distribution: | Rule 144A, Regulation S
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