Aris Mining Corp (ARMN)

[geodan]

Iamgold loaded with cash,more info this week

They have decided to go into Colombia and with Gran, why not go all teh way? JMHO Iamgold a likely buyer of Gran




IAMGOLD Corp (USA) (NYSE:IAG) has announce plans to issue a $400 million corporate loan in terms of senior notes. The notes are expected to mature in 2025. Each note will attract an annual interest rate of 7%.

The company will use the proceeds to pay a previous corporate loan of $489 million which consist of 6.75% notes expected to mature in 2020.

The payment date of the loan is somewhere around April 2 with the closing date for the new offer set for March 16.

Bearing in mind that the company has a liquidity of $763 million out of which $652 million is cash and cash equivalents as well as $110.7 million is restricted cash, it has a lot of money to enable it service the loan even if fully withdrawn.

In addition, the company has a solid and strong balance sheet without short-term debt. IAMGOLD Corp has a long term debt to equity ratio of 21%. This is way below the industry average. The company has an average interest ratio of 12.87 times which makes it be in a comfortable position to cover all interest expenses on the debt.

IamGold Corp’s move to replace its corporate loan is a smart one because it will be able to its financial resources by investing in mine development.

Iamgold executive vice president and chief financial officer Carol Banducci said the company’s four year strategic plan is meant to increase the production of gold and cut on costs.