Peter Hambro Mining tenders for $53 million of 7% exchangeables

By Jennifer Chiou

New York, Sept. 2 - Peter Hambro Mining Group Finance Ltd. announced the start of a cash tender offer for its $53 million of 7% guaranteed gold equivalent exchangeable bonds due 2012.

The company said it is seeking to cancel this part of its debt capital with the aim of strengthening its financial position.

For each $100,000 principal amount of bonds, the company will pay $109,000, which includes a $5,000 early tender payout for those who tender by the first deadline of 11 a.m. ET on Sept. 9.

The offer will end at 11 a.m. ET on Sept. 22.

Tenders will be considered to be votes cast in favor of the company's extraordinary resolution at a Sept. 24 meeting. The company is looking to change the transaction document to permit it to redeem all, but not only a portion, of the bonds on the settlement date.

The tender offer is conditioned upon passing of the resolution.

As of the announcement date, holders of 63.4% of the bonds have agreed to the extraordinary resolution.

J.P. Morgan Cazenove Ltd. is the dealer manager (44 20 7588 2828). Lucid Issuer Services Ltd. is the tender agent (44 20 7704 0880).

Peter Hambro is a London-based gold mining operation that operates in Russia.

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