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First Majestic Completes US$230 Million Convertible Senior Notes Offering

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First Majestic Completes US$230 Million Convertible Senior Notes Offering

 

 

 

 

 

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) announced the closing of its previously announced offering of US$200 million aggregate principal amount of 0.375% unsecured convertible senior notes due in 2027. The Company also announced the concurrent closing of an additional US$30 million aggregate principal amount of the Notes pursuant to the exercise in full of the over-allotment option granted to the initial purchasers of the Notes. The initial conversion rate for the Notes is 60.3865 common shares per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$16.56 per Share.

 

The Company will use a portion of the proceeds of the Offering to complete the repurchase, in separate privately negotiated transactions, of approximately US$125.2 million aggregate principal amount of its outstanding 1.875% convertible senior notes for payment of approximately US$164.9 million. The Company intends to use the remainder of the net proceeds from the Offering for general corporate purposes, including strategic opportunities.

 

In accordance with the terms of the Existing Notes, First Majestic has provided notice that it will redeem all Existing Notes that are not converted or repurchased in conjunction with the Offering. The effective date of the redemption will be December 30, 2021.

 

The Notes and the Shares into which the Notes are convertible, have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or qualified by a prospectus in Canada. The Notes and the Shares may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act and may not be offered or sold in Canada except pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws.

 

This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or the Shares into which the Notes are convertible, and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or the Shares into which the Notes are convertible in any jurisdiction in which such offer, solicitation or sale is unlawful.

 

ABOUT THE COMPANY

 

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

 

Posted December 3, 2021

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