Apex Silver plans $75 million convertible offering

Nashville, Oct. 11 - Apex Silver Mines Ltd. on Monday said it plans to sell $75 million of 20-year convertible senior subordinated notes in the Rule 144A market. No other terms were available.

In addition, Apex Silver said it will grant initial purchasers a 60-day option to buy up to an additional $75 million of the notes.

Apex Silver plans to proceeds to finance a portion of the construction and development of its San Cristobal project, advance evaluation of exploration properties and for other general purposes. The Denver-based mining concern owns the San Cristobal silver-zinc project, a large open-pit silver-zinc development in Bolivia.

On Monday, Apex Silver shares closed down 43 cents, or 2%, to $21.05. In after-hours trading, the stock was down another 74 cents, or 3.5%. The company also has a 2.375% convertible due 2024, which was issued in March.

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