TORONTO - Agnico-Eagle Mines has raised US$600 million through the private placement of long-term unsecured notes due in 2017, 2020 and 2022. The notes have a weighted average maturity of 9.84 years and weighted average yield of 6.59%. The net proceeds will be used to pay down debt on the company's credit lines.
Agnico said it has commitments to purchase the notes from investors in Canada and the United States. The transaction is expected to close at the end of April 2010.
In a separate arrangement, Agnico-Eagle is taking a 9.9% equity stake in Alexandria Minerals of Toronto for a reported C$1.8 million. Agnico will hold 9.1 million common shares of Alexandria and 9.1 million warrants exercisable within the first 24 months after the deal closes. Alexandria holds claims near Val d'Or, QC, close to Agnico-Eagle's Goldex mine.
Information about all of Agnico-Eagle's operations is available at www.Agnico-Eagle.com.