BUZZ-Endeavour Silver falls after $300 mln convertible bond sale
Endeavour Silver Corp's U.S.-listed shares fell 4.6% premarket after announcing a $300 million convertible bond sale. The bonds, due 2031, have a 0.25% interest rate and an initial conversion price 32.5% above the last stock close. The funds will repay debt and support the Pitarrilla project in Mexico. Despite a 5.3% drop after the announcement, EXK shares are up 157% YTD. Spot silver prices also fell 1.7%.
U.S.-listed shares of Endeavour Silver Corp (EXK.N) down 4.6% premarket at $8.97 after Canadian miner secures capital raise Endeavour late Mon announced pricing private offering of $300 mln 0.25% convertible bonds due 2031
Initial conversion price of about $12.455 is a 32.5% premium to stock’s last close of $9.40 U.S.-listed EXK shares on Mon fell 5.3% after co unveiled the offering to repay its debt facility with ING Capital and Societe Generale to fund advancement of its Pitarrilla project in Mexico, and for general corporate purposes, including strategic opportunities
Through Mon, EXK shares up 157% YTD Spot silver (XAG=) currently down 1.7% to $57.01 per ounce on Tues, retreating from a record high hit on Mon (Lance Tupper is a Reuters market analyst. The views expressed are his own)
