CHAMWE KAIRAÂ
B2Gold Corp has announced an offering of convertible senior unsecured notes due in 2030, with an aggregate principal amount of US$350 million.
The company expects to grant initial purchasers an option for 15 days to acquire up to an additional US$52.5 million in notes.
According to B2Gold, the net proceeds from the offering will be used to fund working capital requirements and for general corporate purposes.
Initially, the funds will be used to pay down the outstanding balance on the company’s revolving credit facility.
Future draws on the facility will then be used to support working capital and other corporate needs.
The interest rate and the initial conversion rate of the notes will be determined by B2Gold and the initial purchasers based on market conditions at the time of pricing.
The notes will bear cash interest semi-annually at a fixed rate and will be convertible into common shares of the company.
B2Gold said it will have the right to redeem the notes in certain circumstances and holders will have the right to require B2Gold to repurchase their notes upon the occurrence of certain events.
In connection with the offering, B2Gold plans to enter into a cash-settled total return swap for up to approximately US$50 million of shares with one of the initial purchasers.
The swap is intended to provide the company with economic exposure to its shares for about a month.
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Established in 2007, the company operates gold mines in Mali, Namibia, and the Philippines.
It is also developing the Goose Project in northern Canada and has several exploration projects in Mali, Colombia, and Finland.
Otjikoto is the largest gold producer in Namibia. The Otjikoto Mine is located in the north-central part of the country, approximately 300 km north of the country’s capital, Windhoek.
Processed ore is sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing ore stockpiles.
Open pit mining operations are scheduled to conclude in the third quarter of 2025, while underground mining operations at Wolfshag are expected to continue into 2027.
