Securities Industry News
Barrick Gold to issue $1.25 billion in debt securities
Tuesday,09 Sep,2008
NEW YORK (Thomson Financial) - Barrick Gold Corp. Tuesday said it would issue $1.25 billion in debt securities, comprised of $500 million in 6.8% notes due 2018, $250 million of 7.5% notes due 2038 and $500 million of 6.125% notes due 2013.
The company is issuing the securities with North America Finance LLC and Barrick Gold (nyse: ABX - news - people ) Financeco LLC, its wholly-owned subsidiaries.Barrick listed Morgan Stanley (nyse: MS - news - people ) and JPMorgan as underwriters in the offering, which is expected to close Sept. 11.
About $1.14 billion of the proceeds of the offering will be used to repay amounts owing under its primary bank credit facility. The proceeds will also be used for general corporate purposes.Shares of Barrick Gold closed Monday at $29.41
