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