TORONTO – Just three days after they were offered, the sale of $3 billion (all US dollars) worth of debt securities offered by Barrick Gold has been completed. The securities included $650 million of 2.50% notes due in 2018, $1.5 billion of 4.10% notes due in 2023, and $850 million of 5.75% notes due in 2043.
The bulk of the net proceeds will be routed in two directions. A portion will be used to repay the $2 billion of borrowings under the company's revolving credit facility that matures in January 2018. Another portion will be used to repay the $500 million principle amount of the 6.125% notes due in 2013.
The offering comes on the heels of the Barrick annual meeting where shareholders voted against the $11.9 million signing bonus offered to the incoming co-chairman. Two weeks earlier the Chilean courts ordered work to stop on the part of the $8-billion-plus Pascua-Lama gold development in that country.
Please see Barrick.com.