09:01 AM EST, 03/04/2025 (MT Newswires) -- New Gold ( NGD ) said Tuesday it launched a $400 million senior notes offering to fund a tender offer for its outstanding 7.50% senior notes due 2027.

The company said it plans to use net proceeds from the offering, along with cash on hand, to repurchase all of the $400 million in outstanding 7.50% senior notes.

The tender offer expires on March 13, with settlement expected by March 18, New Gold ( NGD ) said, adding that investors who tender their notes will receive $1,008 per $1,000 in principal, plus accrued interest.

The offer is contingent on completing the new notes issuance but is not subject to a minimum tender amount, the company said.

New Gold ( NGD ) said that if any existing notes remain after the tender offer, the company intends to, but is not obligated to, redeem them at full face value around July 15.

Shares of the company were up 1.9% in recent Tuesday premarket activity.