Caledonia Mining prices $125M convertible debt offering (CMCL:NYSE)

Caledonia Mining prices $125M convertible debt offering (CMCL:NYSE)

Caledonia Mining (CMCL) prices $125M 5.875% convertible notes due 2033, a 25% conversion premium and use of proceeds.

Caledonia to offer up to $150m in convertible shares

CALEDONIA Mining plans to raise up to $150m through the issue of convertible shares with the proceeds earmarked for Bilboes, the miner’s recently unveiled gold project in Zimbabwe. The initial notes offering is for $125m (increased from an earlier amount of $100m) but subscribing investors have the option to purchase an additional $25m (upsized from $20m) of shares. The convertibles will be issued at an interest payable of 5.875%. The company sa…