Newmont Sells $2bn of Senior Notes to Fund Exploration

17 September 2009 (Last Updated September 17th, 2009 18:30)

Newmont Mining has initiated a $2bn senior note sale to raise money for exploration and acquisitions. The public offering consisted of 5.125% senior notes due 2019 totalling $900m and 6.250% senior notes due in 2039 worth $1.1bn. The net proceeds from the offering are estimat

Newmont Mining has initiated a $2bn senior note sale to raise money for exploration and acquisitions.

The public offering consisted of 5.125% senior notes due 2019 totalling $900m and 6.250% senior notes due in 2039 worth $1.1bn.

The net proceeds from the offering are estimated to be $1,966m, following deduction of expenses and discounts.

The proceeds will be used for working capital and go towards exploration costs, develop the company's project pipeline and acquisition initiatives.

Newmont plans to repay part of its senior revolving credit facility and put the remaining funds in short-term liquid investments.