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B2Gold settles senior notes

Senior miner B2Gold (TSX:BTO) has reduced its debt by repaying the US$259 million principle and interest on its convertible senior subordinated notes that matured on October 1.
B2Gold settles senior notes B2Gold settles senior notes B2Gold settles senior notes B2Gold settles senior notes B2Gold settles senior notes

B2Gold's strategy is to fund construction of the Fekola mine without using equity financing

Staff reporter

The notes were issued in August 2013 and the repayment, including accrued interest, totalled around $263 million.

For the repayment, B2Gold used existing cash on hand and some of its $500 million revolving credit facility, with the latter left with an outstanding balance of $400 million and a remaining undrawn capacity of $100 million.

The repayment is part of its strategy to fund construction of the Fekola mine in Mali without using equity financing.

B2Gold had forecast for total debt reduction this year from $700 million in January, to about $500 million by the end of the December quarter. It planned to continue its debt reduction strategy going into the New Year.

The company also promoted its director of finance Dana Rogers to vice president, finance.

She joined the company in 2014 as corporate controller and moved up the director of finance position in 2017.

Prior to her time at B2Gold, Rogers worked at Nevsun Resources, Aura Minerals, Western Coal Corp and PricewaterhouseCoopers during her 15-year career.

 

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