Newmont to sell $1 billion convertibles in two tranches

New York, July 10 - Newmont Mining Corp. said it plans to sell $1 billion of convertible senior notes in two tranches.

The Denver-based mining company will divide the offering into $500 million of notes due 2014 and $500 million due 2017. There will be a $75 million over-allotment option on each piece.

The convertibles will have net share settlement.

Proceeds will be used to repay borrowings on Newmont's revolving credit facility, to enter into convertible note hedge and warrant transactions and for general corporate purposes.

The deal will be sold under Rule 144A.

No further details were available at press time on the offering, which was announced late Tuesday.

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