07:04 AM EST, 11/21/2024 (MT Newswires) -- Silvercorp Metals ( SVM ) was at last look down 1.7% in US premarket trade after earlier Thursday pricing its previously announced private placement offering of US$130 million of 4.75% convertible senior notes due 2029.

A statement noted the company also granted the initial purchasers of the notes an option to purchase up to an additional US$20 million of notes, exercisable in whole or in part at any time until 20 days after the closing of the offering.

SVM's statement said the Notes will be senior unsecured obligations of the company. They will accrue interest payable semi-annually in arrears at a rate of 4.75% per annum and will mature on December 15, 2029, unless earlier repurchased, redeemed or converted. The initial conversion rate of the notes is 216.0761 common shares of the company per $1,000 principal amount of notes, or an initial conversion price of approximately US$4.63 (equivalent to near C$6.48) per common share. The initial conversion price of the notes represents a premium of near 30% over the last reported sale price of the company's common shares on November 20, 2024, which was US$3.56 per share as reported on the NYSE American LLC.

SVM dropped 12% on the TSX yesterday.