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SSR Mining Completes $230 Million Offering of Convertible Senior Notes

March 19, 2019

VANCOUVER, March 19, 2019 /CNW/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) ("SSR Mining") announces today the closing of its previously announced offering (the "Offering") of $230 million aggregate principal amount of 2.50% unsecured convertible senior notes due 2039 (the "Notes") (including $30 million pursuant to the exercise of the initial purchasers' overallotment option). The initial conversion rate for the Notes will be 54.1082 common shares (the "Shares") per $1,000 principal amount of Notes, equivalent to an initial conversion price of approximately $18.48 per Share.

SSR Mining intends to use the net proceeds of the Offering to repurchase, in separate privately negotiated transactions, approximately $150 million of its outstanding $265 million 2.875% convertible senior notes (the "2013 convertible notes") and for general corporate purposes.

Paul Benson, President and CEO commented, "Completing this Offering provides certainty to our capital structure, while lowering the interest rate of our debt.  With our existing 2013 convertible notes having an effective maturity on February 1, 2020, the Offering enables us to immediately repurchase approximately $150 million of the 2013 convertible notes and provides the capital to redeem the outstanding balance early next year. The refinancing also maintains our conservative leverage ratio and provides a stronger capital base as we continue investing in our assets and evaluating further opportunities that will benefit our shareholders.  We believe cash remains a strategic asset and provides a competitive advantage in market conditions that remain challenging for equity capital."

The Notes, and the Shares into which the Notes are convertible, have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or qualified by a prospectus in Canada. The Notes and the Shares may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act and may not be offered or sold in Canada except pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws.

This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or the Shares into which the Notes are convertible, and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or the Shares into which the Notes are convertible in any jurisdiction in which such offer, solicitation or sale is unlawful.

About SSR Mining

SSR Mining Inc. is a Canadian-based precious metals producer with three operations, including the Marigold gold mine in Nevada, U.S., the Seabee Gold Operation in Saskatchewan, Canada and the 75%-owned and operated Puna Operations joint venture in Jujuy, Argentina. We also have two feasibility stage projects and a portfolio of exploration properties in North and South America. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength.

For Further Information Contact:
W. John DeCooman, Jr.
Senior Vice President, Business Development and Strategy
SSR Mining Inc.
Vancouver, BC
Toll free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: in[email protected]

To receive SSR Mining's news releases by e-mail, please register using the SSR Mining website at www.ssrmining.com.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements").  All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of words or phrases such as "expects," "anticipates," "plans," "projects," "estimates," "assumes," "intends," "strategy," "goals," "objectives," "potential," "believes," or variations thereof, or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved, or the negative of any of these terms or similar expressions.  The forward-looking statements in this news release relate to, among other things, the proposed terms of the Offering and the proposed use of proceeds of the Offering. These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, those various risks and uncertainties identified under the heading "Risk Factors" in our most recent Annual Information Form filed with the Canadian securities regulatory authorities and included in our most recent Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission. Our forward-looking statements are based on what our management considers to be reasonable assumptions, beliefs, expectations and opinions based on the information currently available to it. We cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Our forward-looking statements reflect current expectations regarding future events and speak only as of the date hereof and we do not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set out above, you should not place undue reliance on forward-looking statements.

All references to "$" in this news release are to U.S. dollars unless otherwise stated.

SOURCE SSR Mining Inc.

Original Article: http://ir.ssrmining.com/investors/news/press-release-details/2019/SSR-Mining-Completes-230-Million-Offering-of-Convertible-Senior-Notes/default.aspx

 

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