- Iamgold (NYSE:IAG +6.7%) is sharply higher after pricing a private offering of $400M in senior notes due 2025, with proceeds going toward redeeming its $489M outstanding 6.75% senior notes due October 2020.
- IAG says reducing long-term debt and extending the maturity date of its notes to 2025 improves its capital structure and supports the ability to fund growth pipeline over the four-year horizon and beyond.
- Analyst Harry Koza of IFR Markets Canada says the offering raised less than anticipated, but shares are higher anyway.