Barrick taps debt market

TO HELP pay off some looming debt, Barrick Gold will offer $US2 billion of debt securities to private investors.
Barrick taps debt market Barrick taps debt market Barrick taps debt market Barrick taps debt market Barrick taps debt market

Net proceeds will go toward settling up two revolving credit facilities drawn in connection with the company's acquisition of mining and exploration company Equinox Minerals in 2011.

The 95% stakeholder in the Papua New Guinea's giant Porgera mine said the debt notes would be priced in two parts including $1.25 billion at 3.85% interest due in 2020 and $750 million at 5.25% interest due in 2042.

Remaining proceeds will be applied to the development of mining projects and general corporate purposes.

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