Barrick Gold to Issue $2 Billion in New Debt (ABX)
Barrick Gold Corp. (NYSE: ABX) has announced this morning that the company will issue $2 billion in debt securities, the proceeds of which will be used: primarily to repay existing indebtedness under two revolving credit facilities, each of which was…
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primarily to repay existing indebtedness under two revolving credit facilities, each of which was drawn upon in connection with Barrick’s acquisition of Equinox Minerals Limited in 2011, with the balance of the proceeds being used to finance the development of mining projects and for general corporate purposes.
There are two parts to the offering: $1.25 billion of 3.85% notes due 2022; and $750 million of 5.25% notes due 2042. The offering is expected to close around April 3, 2012.
Barrick’s shares closed yesterday at $43.13 in a 52-week range of $42.20-$59.95.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
