New Gold (NGD) said Friday that holders submitted roughly $288.8 million worth of its 7.5% notes due 2027 by the March 13 deadline.

The company said this amount accounts for just over 72% of the $400 million total, excluding those filed under guaranteed delivery procedures.

All valid submissions are expected to be settled on March 18, including guaranteed deliveries, New Gold said.

Funds for the purchase will come from the company's new $400 million issue of 6.875% notes maturing in 2032, also closing March 18.

The company's shares were up more than 2% in recent Friday premarket activity.

Price: 3.30, Change: +0.07, Percent Change: +2.17