B2Gold Completes Upsized Offering of Convertible Senior Notes
B2Gold Corp. (BTG) has successfully completed its offering of 2.75% convertible senior unsecured notes due 2030, raising US$460 million, including the full exercise of a US$60 million option. The notes feature an initial conversion rate of 315.2088 common shares per US$1,000 principal amount, equivalent to a conversion price of US$3.17 per share.
The company plans to use the net proceeds to fund working capital and general corporate purposes, initially paying down its revolving credit facility balance. B2Gold has also entered into a one-month cash settled total return swap for approximately US$50 million of shares with one of the initial note purchasers.
The notes and related shares have not been registered under the U.S. Securities Act and are only available to qualified institutional buyers under Rule 144A.
B2Gold Corp. (BTG) ha completato con successo l'offerta di
L'azienda prevede di utilizzare il ricavato netto per finanziare il capitale circolante e scopi aziendali generali, pagando inizialmente il saldo della sua linea di credito revolving. B2Gold ha anche stipulato un contratto swap totale di rendimento cash-settled di un mese per circa 50 milioni di dollari di azioni con uno dei primi acquirenti delle obbligazioni.
Le obbligazioni e le azioni correlate non sono state registrate ai sensi dell'Act sulle Securities degli Stati Uniti e sono disponibili solo per acquirenti istituzionali qualificati ai sensi della Regola 144A.
B2Gold Corp. (BTG) ha completado con éxito su oferta de bonos senior convertibles no garantizados al 2.75% con vencimiento en 2030, recaudando 460 millones de dólares, incluyendo el ejercicio completo de una opción de 60 millones de dólares. Los bonos cuentan con una tasa de conversión inicial de 315.2088 acciones comunes por cada 1,000 dólares de monto principal, equivalente a un precio de conversión de 3.17 dólares por acción.
La compañía planea utilizar los fondos netos para financiar el capital de trabajo y fines corporativos generales, inicialmente pagando el saldo de su línea de crédito rotatorio. B2Gold también ha entrado en un swap total de rendimiento cash-settled de un mes por aproximadamente 50 millones de dólares en acciones con uno de los compradores iniciales de bonos.
Los bonos y acciones relacionadas no han sido registrados bajo la Ley de Valores de EE. UU. y solo están disponibles para compradores institucionales calificados bajo la Regla 144A.
B2Gold Corp. (BTG)는 2030년 만기 2.75% 전환형 고위험 무담보 채권의 발행을 성공적으로 완료하고 4억 6천만 달러를 모금했습니다. 여기에는 6천만 달러 옵션의 전량 행사도 포함됩니다. 이 채권의 초기 전환 비율은 1,000달러 원금당 315.2088주이며, 이는 주당 3.17달러의 전환 가격에 해당합니다.
회사는 순자산을 운영 자본 및 일반 기업 목적을 위해 사용할 계획이며, 우선 우회 신용 한도 잔액을 상환하는 데 사용할 것입니다. B2Gold는 또한 초기 채권 구매자 중 한 명과 약 5천만 달러의 주식에 대한 한 달간 현금 결제 총 수익 스왑 계약을 체결했습니다.
이 채권과 관련 주식은 미국 증권법에 따라 등록되지 않았으며, 144A 규칙에 따라 자격을 갖춘 기관 투자자에게만 제공됩니다.
B2Gold Corp. (BTG) a réussi à clôturer son offre de notes senior convertibles non sécurisées à 2,75% arrivant à échéance en 2030, levant ainsi 460 millions de dollars, y compris l'exercice intégral d'une option de 60 millions de dollars. Les notes présentent un taux de conversion initial de 315,2088 actions ordinaires pour 1 000 dollars de valeur nominale, ce qui équivaut à un prix de conversion de 3,17 dollars par action.
L’entreprise prévoit d’utiliser le produit net pour financer son fonds de roulement et des objectifs généraux, en commençant par rembourser le solde de sa facilité de crédit renouvelable. B2Gold a également conclu un swap total de rendement cash-settled d'un mois pour environ 50 millions de dollars d'actions avec l'un des premiers acheteurs de notes.
Les notes et les actions associées n'ont pas été enregistrées en vertu de la loi américaine sur les valeurs mobilières et ne sont disponibles que pour des acheteurs institutionnels qualifiés conformément à la règle 144A.
B2Gold Corp. (BTG) hat erfolgreich sein Angebot von 2,75% umwandelbaren, nicht gesicherten vorrangigen Anleihen mit Fälligkeit im Jahr 2030 abgeschlossen und 460 Millionen US-Dollar gesammelt, einschließlich der vollständigen Ausübung einer Option über 60 Millionen US-Dollar. Die Anleihen weisen einen anfänglichen Wandlungssatz von 315,2088 Stammaktien pro 1.000 US-Dollar Nennbetrags auf, was einem Wandlungspreis von 3,17 US-Dollar pro Aktie entspricht.
Das Unternehmen plant, die Nettomittel zur Finanzierung des Betriebskapitals und allgemeiner Unternehmenszwecke zu verwenden, wobei zunächst der ausstehende Betrag seiner revolvierenden Kreditfazilität zurückgezahlt werden soll. B2Gold hat auch einen einmonatigen, bar-abgerechnet Swap für eine Gesamtrendite über etwa 50 Millionen US-Dollar an Aktien mit einem der ursprünglichen Anleihekäufer abgeschlossen.
Die Anleihen und die entsprechenden Aktien sind nicht nach dem US-Wertpapiergesetz registriert und stehen nur qualifizierten institutionellen Käufern gemäß Regel 144A zur Verfügung.
- Successful completion of upsized US$460 million convertible note offering
- Low interest rate of 2.75% on the convertible notes
- Full exercise of US$60 million additional note option indicates strong demand
- Potential future dilution for shareholders due to convertible nature of notes
- Additional debt burden with US$460 million in new notes
Insights
The successful completion of B2Gold's
The conversion price of
The strategic decision to initially pay down the revolving credit facility demonstrates sophisticated liability management:
- Creates immediate interest expense savings
- Maintains flexibility to redraw funds as needed
- Effectively transforms higher-cost revolving debt into longer-term, lower-cost convertible debt
- Preserves the credit facility as a liquidity backstop
The
This financing package significantly enhances B2Gold's financial flexibility while maintaining a conservative balance sheet structure. The extended maturity to 2030 and competitive interest rate provide a stable long-term funding base, important for mining operations' capital-intensive nature and cyclical market conditions.
VANCOUVER, British Columbia, Jan. 28, 2025 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) has closed its previously announced offering of
The Company intends to use the net proceeds from the Offering to fund working capital requirements and for general corporate purposes. In order to reduce interest expense, the Company will initially apply the net proceeds to pay down the outstanding balance under the Company’s revolving credit facility (the “Revolving Credit Facility”) and then subsequently use future draws on the Revolving Credit Facility to fund such working capital requirements and for general corporate purposes.
In connection with the Offering, B2Gold entered into a cash settled total return swap with respect to approximately US
The Notes and the Shares issuable upon the conversion thereof have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or qualified by a prospectus in Canada. The Notes and the Shares may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act.
This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. The Notes were offered only to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act). Offers and sales in Canada were made only pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
Source: B2Gold Corp.
This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements relating to the Offering, the anticipated use of proceeds and certain statements related to the total return swap. These Forward-looking Statements are based on certain assumptions that B2Gold has made in respect thereof as at the date of this news release. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of B2Gold to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, without limitation, risks relating to the need to satisfy the conditions set forth in the purchase agreement for the Notes; the need to satisfy regulatory and legal requirements with respect to the Offering; as well as those factors discussed under “Risk Factors” in B2Gold’s Annual Information Form for the fiscal year ended December 31, 2023, a copy of which can be found on the Company’s profile on the SEDAR+ website at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Although B2Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
B2Gold’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. B2Gold’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
FAQ
What is the interest rate and maturity date of BTG's new convertible notes?
What is the conversion price for BTG's 2030 convertible notes?
How will BTG use the proceeds from its US$460 million convertible note offering?
What is the total return swap arrangement in BTG's convertible note offering?
