Primero Mining to redeem 6.5% convertible debentures Primero Mining to redeem 6.5% convertible debentures
Primero Mining Corp (C:P)
Shares Issued 164,185,807
Last Close 2/9/2016 $2.23
Wednesday February 10 2016 - News Release
Mr. Evan Young reports
PRIMERO ANNOUNCES CASH REDEMPTION OF ITS 6.5% CONVERTIBLE DEBENTURES AT MATURITY
Primero Mining Corp. will be redeeming with cash its currently outstanding $48.1-million 6.5-per-cent senior unsecured convertible debentures due March 31, 2016.
Pursuant to the terms of the debentures, the company has elected to satisfy its obligation to pay all of the redemption price using cash on the maturity date of March 31, 2016. The debentures are redeemable for an amount equal to the principal amount of the debentures plus accrued unpaid interest up to, but excluding, the maturity date, which is estimated to total $1.6-million.
The company has drawn $50-million on its previously undrawn $75-million line of credit to satisfy this obligation.