07:16 AM EST, 01/24/2025 (MT Newswires) -- B2Gold ( BTG ) late on Thursday said it has priced an offering of US$400 million in convertible senior unsecured notes due 2030 with proceeds to be used to fund working capital requirements and for general corporate purposes.

Initial purchasers have been granted an option for a 15-day period to purchase up to an additional US$60 million of notes.

The notes will bear cash interest semi-annually at a rate of 2.75% per year. The initial conversion rate for the notes will be 315.2088 common shares per US$1,000 of notes, equivalent to an initial conversion price of US$3.17 per share.

To reduce interest expense, the company will initially apply the net proceeds to pay down the outstanding balance under its revolving credit facility and then use future draws on the facility to fund working capital requirements and for general corporate purposes.

The offering is scheduled to close on Jan. 28, subject to customary closing conditions.