All monetary amounts are expressed in
U.S. dollars, unless otherwise indicated.
TORONTO, April 3, 2017 /CNW/ - IAMGOLD Corporation
("IAMGOLD" or the "Company") today announced that it has completed
the early redemption of its $489
million of outstanding 6.75% Senior Notes due in
October 2020 (the "Existing
Notes"). The redemption was funded from the net proceeds
of its recent issue of $400 million
aggregate principal amount of 7.00% Senior Notes due in 2025 (the
"Notes") and cash on hand.
"With this redemption and the issuance of a smaller amount of
debt with an extended due date of April 15,
2025, our capital structure continues to support our ability
to fund our growth pipeline," commented Carol Banducci, Executive Vice President and
CFO. "Investors should note that the timing of today's
redemption occurs after the end of the first quarter
2017. Therefore as of March 31,
2017, both issues of debt were outstanding coupled with a
higher pre-redemption cash balance. By extending the maturity
of $400 million of debt to 2025, the
Company has significantly enhanced its ability to fund its pipeline
of internal growth opportunities."
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements. All
statements, other than of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future are forward-looking
statements, including the intended use of proceeds from this
offering to redeem the Existing Notes. They are forward-looking
because they are statements about the future that are based on what
the Company knows and expects today. Forward-looking statements are
generally identifiable by use of the words "may", "will", "should",
"continue", "expect", "anticipate", "outlook", "guidance",
"estimate", "believe", "intend", "plan" or "project" or the
negative of these words or other variations on these words or
comparable terminology. Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
Company's ability to control or predict, that may cause the actual
results of the Company to differ materially from those discussed in
the forward-looking statements, including, but not limited to risks
discussed in the risk factors section in IAMGOLD's latest annual
information form. Accordingly, readers should not place undue
reliance on forward-looking statements. IAMGOLD disclaims any
intent or obligations to update or revise publicly any
forward-looking statements whether as a result of new information,
estimates or options, future events or results or otherwise, unless
required to do so by law.
About IAMGOLD
IAMGOLD is a mid-tier mining company with four operating gold
mines on three continents. A solid base of strategic assets in
North and South America and
West Africa is complemented by
development and exploration projects and continued assessment of
accretive acquisition opportunities. IAMGOLD is in a strong
financial position with extensive management and operational
expertise.
SOURCE IAMGOLD Corporation