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.