TORONTO (CP) -- The gold miner said it sold $500 million of 6.8% notes due 2018 and $250 million of 7.5% notes due 2038 of Barrick North America Finance LLC; and $500 million of 6.125% notes due 2013 of Barrick Gold Financeco LLC to a syndicate of underwriters led by Morgan Stanley and J.P. Morgan Securities.
All three series notes have been assigned a rating of "Baa1" by Moody's Investor Service, "A-" by Standard and Poor's Rating Services and "A'' by DBRS.
About $1.14 billion of the proceeds will be used to repay the company's primary bank credit facility, which was drawn down to partially fund Barrick's acquisition of the remaining 40% interest in the Cortez property and its acquisition of Cadence Energy Inc.
The balance of the proceeds will be used for general corporate purposes.
© Canadian Press
