Canadian Mining Journal

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DEBT SECURITIES: Barrick sells notes worth US$1.25 billion

TORONTO BARRICK GOLD plans to issue US$1.25 billion in debt securities underwritten by a syndicate led by Morgan ...


TORONTO BARRICK GOLD plans to issue US$1.25 billion in debt securities underwritten by a syndicate led by Morgan Stanley and J.P. Morgan Securities. The notes were offered only in the United States. The deal was due to close on Sept. 11, 2008.

Barrick says US $1.14 billion of the net proceeds from this offering will be used to repay amounts owing under the company’s primary bank credit facility, of which US$990 million was drawn down in the first quarter of 2008 in order to partially fund the acquisition of the remaining 40% interest in the CORTEZ gold property and US$150 million was drawn down in September 2008 to fund a portion of the purchase price for the acquisition of CADENCE ENERGY. The balance of the net proceeds will be used for general corporate purposes.

Investors can contact Deni Nicoski, VP investor relations, at 416-307-7410 or dnicoski@barrick.com.


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