Yamana Gold Announces Early Results of Cash Tender Offers for Certain of Its Outstanding Public Notes
19 July 2019 - 9:00PM
YAMANA GOLD INC. (TSX:YRI; NYSE:AUY) (“Yamana” or “the Company”)
today announced the early results of its previously announced cash
tender offer for its 4.95% Senior Notes due 2024 and 4.625% Senior
Notes due 2027 (collectively, the “Public Notes”). According
to information received from D.F. King & Co., Inc., the
Information Agent for the tender offer, as of 5:00 p.m., New York
City time, on July 18, 2019, the following Public Notes have been
tendered to the tender offer:
Title of Notes |
CUSIP Number |
Principal Amount Tendered |
Acceptance Priority Level |
4.95% Senior Notes due
2024 |
98462YAB6 98462YAA8 C98883AA6 |
347,891,000 |
2 |
|
|
|
|
4.625%
Senior Notes due 2027 |
98462YAD2 |
114,529,000 |
3 |
|
|
462,420,000 |
|
The tender offer is made pursuant to Yamana’s
Offer to Purchase, dated July 5, 2019 (the “Offer to Purchase”), in
which Yamana has also offered to purchase several series of its
other Senior Notes, which are referred to in the Offer to Purchase
as the Private Notes. As set out in the Offer to Purchase, if
$415,000,000 aggregate principal amount or more of the Private
Notes are tendered in the tender offer, Yamana will not accept any
tenders of Public Notes for purchase. In addition, the principal
amount of each series of Public Notes that is purchased in the
tender offer will be determined in accordance with the acceptance
priority level (in numerical priority order) specified above.
The $462,420,000 of Public Notes tendered under
this Offer to Purchase is well in excess of the $415,000,000
available to the Public Note Holders. This well positions the
Company toward achieving its goal of meaningfully retiring
outstanding debt and thereby significantly improving its financial
position in order to pursue organic growth and value creating
opportunities.
For all details regarding the tender offer for
the Public Notes and the Private Notes, investors should refer to
the Offer to Purchase. Requests for documents and questions
regarding the tendering of Public Notes may be directed to D.F.
King & Co., Inc. either by email at yamana@dfking.com, or by
phone (212) 269-5550 (for banks and brokers only) or (866) 521-4487
(for all others toll free). Questions regarding the tendering of
Private Notes may be directed to AST Trust Company (Canada) by
phone (416) 682-3860 or 1-800-387-0825 (toll free). Yamana
expressly reserves the right, in its sole discretion, subject to
applicable law, to terminate or amend the tender offer for the
Public Notes.
This press release does not constitute an offer
to sell or purchase, or a solicitation of an offer to sell or
purchase, or the solicitation of tenders with respect to, the
Notes. No offer, solicitation, purchase or sale will be made in any
jurisdiction in which such an offer, solicitation, or sale would be
unlawful. The Tender Offers are being made solely pursuant to the
Offer to Purchase and the related Letter of Transmittal made
available to Holders of the Notes. Neither Yamana or any other
person or entity referred to herein or in the Offer to Purchase is
making any recommendation as to whether or not holders should
tender or refrain from tendering all or any portion of their Public
Notes or Private Notes. Holders are urged to evaluate carefully all
information in the Offer to Purchase and the related Letter of
Transmittal, consult their own investment and tax advisers and make
their own decisions whether to tender Public Notes or Private
Notes, and, if so, the principal amount thereof.
About Yamana
Yamana is a Canadian-based gold producer with
significant gold production, gold development stage properties,
exploration properties, and land positions throughout the Americas
including Canada, Brazil, Chile and Argentina. Yamana plans to
continue to build on this base through existing operating mine
expansions, throughput increases and optimization initiatives,
development of new mines, the advancement of its exploration
properties and, at times, by targeting other gold consolidation
opportunities with a primary focus in the Americas.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Investor Relations and Corporate
Communications416-815-02201-888-809-0925Email: investor@yamana.com
(All amounts are expressed in United States dollars unless
otherwise indicated.) CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS: This news release contains or
incorporates by reference “forward‐looking statements” and
“forward‐looking information” under applicable Canadian securities
legislation within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Forward‐looking
information includes, but is not limited to information with
respect to the consummation of the Tender Offers, the reduction of
the Company’s outstanding debt, the Company's strategy, plans or
future financial or operating performance. Forward‐looking
statements are characterized by words such as "plan," "expect",
"budget", "target", "project", "intend", "believe", "anticipate",
"estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. Forward‐looking
statements are based on the opinions, assumptions and estimates of
management considered reasonable at the date the statements are
made, and are inherently subject to a variety of risks and
uncertainties and other known and unknown factors that could cause
actual events or results to differ materially from those projected
in the forward‐looking statements. These factors include the
Company's expectations in connection with plans to continue to
build on the Company’s existing base through existing operating
mine expansions, throughput increases, development of new mines,
the advancement of its exploration properties and, at times, by
targeting other gold consolidation opportunities with a primary
focus in the Americas; the Company’s expectations in connection
with the Tender Offers and its related reduction of its outstanding
debt; as well as those risk factors discussed or referred to
herein and in the Company's Annual Information Form filed with the
securities regulatory authorities in all provinces of Canada and
available at www.sedar.com, and the Company's Annual Report on Form
40‐F filed with the United States Securities and Exchange
Commission. Although the Company has attempted to identify
important factors that could cause actual actions, events
or results to differ materially from those described in
forward‐looking statements, including market conditions, share
price and best use of available cash, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward‐looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update forward‐looking statements if circumstances or
management's estimates, assumptions or opinions should change,
except as required by applicable law. The reader is cautioned not
to place undue reliance on forward‐looking statements. The
forward‐looking information contained herein is presented for the
purpose of assisting investors in understanding the Company's
expected plans and objectives in connection with the Tender Offers
and may not be appropriate for other purposes.
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