Fortuna Silver Mines Shares Down on Plan to Offer Up To $172.5 Million in Convertible Notes
By Adriano Marchese
Fortuna Silver Mines shares were sharply lower Wednesday morning after the company said it is looking to raise up to $172.5 million by way of convertible senior notes offering.
Shares were trading more than 17% lower to 6.71 Canadian dollars ($4.91).
The Canadian silver miner is offering convertible senior notes due 2029 for a base amount of $150 million and said it plans to grant initial purchasers the option to buy up to $22.5 million more over the next 15 days.
Fortuna plans to use the proceeds to primarily pay its bank debt and to fund working capital requirements.
The company also plans to repay its existing unsecured convertible debentures carrying a rate of 4.65%, the holders of which will have the option to convert their debentures or receive a cash payments.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
June 05, 2024 10:41 ET (14:41 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Should Emerging-Markets Stocks Stand Alone in Your Portfolio?
-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
3 Dividend Stocks for October 2024
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued