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Iamgold bond offering cuts long-term debt, extends maturity to 2025

Mar. 10, 2017 3:48 PM ETIAMGOLD Corporation (IAG) Stock, IMG:CA StockBy: Carl Surran, SA News Editor4 Comments
  • 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.

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