Silver Standard completes US$250,000,000 convertible senior notes offering
VANCOUVER, Jan. 16, 2013
VANCOUVER, Jan. 16, 2013 /PRNewswire/ - Silver Standard Resources Inc.
(NASDAQ: SSRI, TSX: SSO) ("Silver Standard" or the "Company") announced today
the closing of its previously announced offering of US$250 million aggregate
principal amount of 2.875% convertible senior notes due in 2033 (the
"Notes"). The initial conversion rate for the Notes is 50 common shares per
US$1,000 principal amount of the Notes, equivalent to an initial conversion
price of US$20.00 per common share. The Company intends to use up to
approximately US$138 million of the net proceeds from the sale of the Notes to
repurchase or redeem its existing convertible notes in March 2013 and the
remaining net proceeds for general corporate purposes, which may include
developing or advancing its property portfolio.
Silver Standard has granted the initial purchasers of the Notes an option to
purchase up to an additional US$37.5 million aggregate principal amount of
Notes at any time on or before the 30th day after closing.
The Notes, and the common shares into which the Notes are convertible (the
"Shares"), 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. The Notes were offered only to
"qualified institutional buyers" (as defined in Rule 144A under the Securities
Act) and outside the United States to non-U.S. persons in compliance with
Regulation S under the Securities Act. Offers and sales in Canada were made
only pursuant to exemptions from the prospectus requirements of applicable
Canadian provincial securities laws.
This news release is neither an offer to sell nor the solicitation of an offer
to buy the Notes or any other securities and shall not constitute an offer to
sell or solicitation of an offer to buy, or a sale of, the Notes or any other
securities in any jurisdiction in which such offer, solicitation or sale is
Cautionary Notice Regarding Forward-Looking Statements:
Statements in this news release are forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995 and
forward-looking information within the meaning of Canadian securities laws
(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" 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 anticipated use of
proceeds. 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. See the Company's
most recent Form 20-F filed with the U.S. Securities and Exchange Commission
and Canadian regulatory authorities for a discussion of other risks and
uncertainties that may affect the Company's forward-looking statements.
The Company's forward-looking statements are based on what the Company's
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. The Company's forward-looking statements reflect current
expectations regarding future events and speak only as of the date hereof and
the Company does 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
forth above, you should not place undue reliance on forward-looking
SOURCE Silver Standard Resources Inc.
Silver Standard Resources Inc.
N.A. Toll Free: (888) 338-0046
All others: (604) 484-8216
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