Iamgold Issues Equity Through $200 Million Bought Deal to Fund Debt Tender; Raising FVE
After market close on Aug. 8, Iamgold announced a $200 million equity issuance and a debt tender offer. The company issued 38,850,000 shares at a price of $5.15 in a bought deal, representing a roughly 9.5% discount to the most recent closing price. The company plans to use up to $150 million of the equity offering’s proceeds to fund a tender of some of its 6.75% senior notes due 2020, of which $635 million is currently outstanding.We are raising our fair value estimate to $3.50 per share and...
IAMGold is engaged in the exploration for, development and operation of gold mining properties, and the operation of a niobium mine.
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