AUY - Yamana to redeem outstanding senior notes thereby strengthening financial position

Yamana Gold (AUY -2.4%) has provided irrevocable notices of redemption of all outstanding senior notes thereby reducing debt and improving financial flexibility. The outstanding senior notes will be redeemed with available cash on hand and proceeds from the recently completed offering of $500M, 10-year 2.630% unsecured senior notes. The company's next note payment will now not be before 2027, and the weighted average tenor of notes increases from ~3 years to ~9 years. Total debt reduction resulting from the redemption of the existing notes is ~$220M, and the resultant debt of $782.9M compares to $1.85B 2Q19. The company's undrawn revolving credit facility in the amount of $750M will remain in place.

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Yamana to redeem outstanding senior notes thereby strengthening financial position