The notes will bear interest semi-annually at a fixed rate and be convertible to SSR stock, with the interest rate and conversion rate to be determined by SSR Mining and the initial purchasers.
"The convertible notes are puttable to SSRM in February 2020, so we have been considering market conditions. Our credit quality has improved, our equity story is strong and market conditions are excellent," VP business development and strategy told Mining Journal.
SSR raised $265 million in early 2013 through the issuance of the 2.875% convertible senior notes that have a conversion rate of 50 shares per $1,000 principal amount equivalent to an initial conversion price of $20 per share.
Shares in SSR (TSX: SSRM) fell 6% in early trading following the news to $13.71 valuing the company at $1.7 billion. Its shares have risen 13.4% so far this year.
