Iamgold completes $400m notes offering

VANCOUVER (miningweekly.com) – Canadian midtier gold miner Iamgold has completed an offering of $400-million aggregate principal amount of 7% senior notes due in 2025.

The company said it intends to use the net proceeds of the notes, together with existing cash on hand, towards the redemption, by April 2, of its $489-million of outstanding 6.75% senior notes due in October 2020.

CFO Carol Banducci had previously stated that Iamgold’s four-year plan is to increase gold production to one-million ounces and to significantly reduce costs.

“While we continue to be very comfortable with our strong financial position today, reducing our long-term debt and extending the maturity date of our notes to 2025 improves our capital structure and supports our ability to fund our growth pipeline over the four-year horizon and beyond.”