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St. Barbara may buy back convertibles with private placement proceeds
New York, Feb. 18 - St. Barbara Ltd. said it may buy back some of its A$99.6 million of 8% convertibles notes due 2012 with proceeds from a planned private placement of shares to sophisticated investors intended to raise A$70 to A$75 million after expenses.
The company hopes to repurchase the convertibles "at an appropriate discount."
Alternatively, proceeds will enable it to fund the convertibles' put on June 4, 2010.
A buyback would reduce refinancing risk and lower financing costs, St. Barbara said in a news release.
Southern Cross Equities will be agent for the share sale.
St. Barbara is a Melbourne, Australia, gold miner.
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