Silver Standard talks $120 million of 20-year convertibles at 4% to 4.5%, up 30% to 35%

By Kenneth Lim

Boston, Feb. 21 - Canada's Silver Standard Resources Inc. planned to price $120 million of 20-year convertible senior unsecured notes talked at a coupon of 4% to 4.5% and an initial conversion premium of 30% to 35%.

Pricing was set for Thursday after the market closed.

There is an over-allotment option for a further $20 million.

UBS Investment Bank is the bookrunner of the Rule 144A and Regulation S offering.

The convertibles will be non-callable for the first five years, with puts in years five, 10 and 15.

There will be a contingent conversion trigger at 130% of the conversion price.

The convertibles will have full dividend and takeover protection. There will be net share settlement.

Silver Standard, a Vancouver, B.C.-based silver mining company, said the proceeds of the deal will be used to develop its Pirquitas project, to explore other properties and for working capital and other general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.