B2Gold (BTG) said late Thursday it has priced a $400 million offering of convertible senior unsecured notes due 2030.
The company also said it has granted initial purchasers a 15-day option to purchase up to $60 million worth of additional notes.
The notes will bear interest at an annual rate of 2.75% per annum and the initial conversion rate will be 315.2088 common shares of B2Gold per $1,000 worth of notes, equivalent to a conversion price of around $3.17 per share or a premium of about 35% to the latest closing price, the company said.
The offering is expected to close Tuesday, the company said.
The company said it intends to use net proceeds from the offering for general corporate purposes.
In connection with the offering, B2Gold said it entered into a cash-settled total return swap for about $50 million worth of shares with one of the initial debt purchasers.
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