St Barbara carries out notes buyback

St Barbara has carried out a buyback of US$10 million worth of its senior secured notes.

It repurchased the US 144A notes this week at a discount of two per cent to par value.

“Net payments amounted to US$14 million, consisting of discounted principal repayments and accrued interest for the period since interest was last paid in mid-October 2015 up to the date of purchase,” the miner said in a company statement.

Its aggregate case balance prior to the repurchase was more than $105 million.

This buyback is part of a series carried out by the company, with it repurchasing a cumulative US$80 million (32 per cent) in aggregate principal of the original US$250 million worth of nites originally issued by St Barbara in March 2013.

These notes have a coupon rate of 8.875 per cent, and a maturity date of April 2018.

Approximately US$170 million of notes remain outstanding.

St Barbara added that the Red Kite debt facility also has a balance of around US$36 million, which is currently being paid down and will be reduced to US$26 million by the end of the March 20156 quarter.

“Our surplus cash has allowed us to buy back more debt at a discount, allowing us to further strengthen our balance sheet,” St Barbara CEO Bob Vassie stated.


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