New York, May 14 - St. Barbara Ltd. priced an A$100 million of five-year convertible notes to yield 8% with a 30% initial conversion premium.
JPMorgan was bookrunner for the Regulation S offering.
Proceeds will be used to fund the development of Gwalia Deeps, for the expansion of Southern Cross Operations and for general corporate purposes.
St. Barbara said it is also in the process of obtaining a A$50 million bank facility.
The conversion price is A$0.5585, a 30% premium to the average price of St. Barbara shares on Monday.
If all are converted, they will represent 14.4% of the company's equity.
The notes are putable after three years and are callable subject to a 130% hurdle.
St. Barbara is a Melbourne, Australia, gold miner.
| Issuer: | St. Barbara Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$100 million
|
| Maturity: | 5 years
|
| Coupon: | 8%
|
| Conversion premium: | 30%
|
| Conversion price: | A$0.73
|
| Put: | In year 3
|
| Call: | Subject to 130% hurdle
|
| Pricing date: | May 14
|
| Settlement: | June 4
|
| Bookrunner: | JPMorgan
|
| Distribution: | Regulation S
|
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