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BRIEF-Yamana Gold Begins Process Of Repayment And Early Retirement Of Debt

Published 2019-07-05, 08:28 a/m
BRIEF-Yamana Gold Begins Process Of Repayment And Early Retirement Of Debt
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July 5 (Reuters) - Yamana Gold Inc YRI.TO :

* YAMANA GOLD COMPLETES SALE OF CHAPADA, BEGINS PROCESS OF REPAYMENT AND EARLY RETIREMENT OF DEBT, AND CONTINUES WITH RATIONALIZATION EFFORTS TO REDUCE OVERHEAD AND IMPROVE EFFECTIVENESS

* YAMANA GOLD INC - BOARD WILL NOW BE REDUCED TO NINE WITH EIGHT INDEPENDENT DIRECTORS

* YAMANA GOLD INC - MESSRS NIGEL LEES AND ROBERT GALLAGHER, HAVE AGREED TO STEP DOWN FROM BOARD

* YAMANA GOLD INC - CONCURRENTLY WITH SALE CLOSING, CO IS USING $385 MILLION TO REPAY OUTSTANDING INDEBTEDNESS UNDER REVOLVING CREDIT FACILITY

* YAMANA GOLD - REMAINING $415 MILLION CONSIDERATION OF DEAL BEING USED TO OFFER TO PREPAY SENIOR NOTES ISSUED IN MARCH 2012, JUNE 2013 ON PRO RATA BASIS

* YAMANA GOLD INC - REDUCTION IN NET DEBT IMMEDIATELY LOWERS YAMANA'S NET DEBT/EBITDA LEVERAGE RATIO TO 1.5X

* YAMANA GOLD INC - WILL PURSUE INITIATIVES FOR REDUCTIONS IN CORPORATE OVERHEAD COSTS

* YAMANA GOLD INC - CONTINUES TO TARGET NET DEBT/EBITDA OF 1.0X BY END OF 2021

* YAMANA GOLD INC - COMPANY WILL SIGNIFICANTLY REDUCE ANNUAL CARRYING COST OF INTEREST ON DEBT BY APPROXIMATELY $40 MILLION

* YAMANA GOLD INC - AS PART OF DEBT PREPAY OFFERS, CO EXPECTS TO PAY PREMIUM TO REFERENCE OR TRADING LEVELS OF NOTES

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