Silvercorp Shares Drop Sharply With Launch of Convertible Note Offering

Dow Jones11-20

By Robb M. Stewart

Silvercorp Metals shares sank after the Canadian company launched a offering of convertible debt to raise at least $130 million to help fund the construction of copper and gold mining projects outside of China and exploration activities.

In morning trading Wednesday, the shares were 18% lower at C$4.65 in Toronto, narrowing the advance so far this year to 35%. On the New York Stock Exchange, the shares were down 18% at $3.31, for a year-to-date gain of 25%.

Silvercorp late Tuesday commenced a private placement offering of convertible senior notes due 2029. It plans to grant the initial purchasers of the notes an option to buy up to an additional $20 million of notes, exercisable any time until 20 days after the closing of the offering.

The notes will be senior unsecured obligations and will accrue interest payable semi-annually in arrears and will mature on Dec. 15, 2029, unless repurchased, redeemed or converted before then. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of the offering prices, the miner said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

November 20, 2024 10:53 ET (15:53 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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