Barrick Gold to issue up to $3 billion in debt securities

Barrick Gold Corp. (TSX:ABX) announced that the company will issue up to $3 billion-worth of debt securities "to pay down a revolving credit facility, repay principal on notes due in 2013, and for general corporate purposes," Reuters reported Monday.

The debt offering will take the form of 2.5% notes guaranteed by the company and the offer period is expected to close early in May of this year.

The company is more indebted than any other gold miner, with over $11 billion outstanding.

The last few weeks have been forgettable for the Toronto-based miner with the gold price correction, shareholder discontent over executive compensation, recent production stoppages at its $8.5 billion Pascua Lama project in Chile and subsequent downgradings by S&P and Moody's.

 

Sources: Reuters; Bloomberg; The Globe and Mail