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Baffinland to purchase C$350M of senior debt due 2022

Ontario-based Baffinland Iron Mines Corp. and Baffinland Iron Mines LP announced a cash tender offer to purchase any and all of the 12.00% senior secured notes due 2022, which have C$350.0 million outstanding.

Additionally, the companies are looking for approval from the noteholders to amend the terms to revoke the conditions and release all of the collateral securing the notes.

The noteholders will receive C$1,157.50, including a C$30.00 consent payment, for each C$1,000 of the debt tendered, according to a June 6 release.

The consent date for the tender is June 19, and the offer will expire July 3.

Noteholders who tender their notes after the consent date will not receive the consent consideration.

Certain holders, which own about 70% of the notes, have agreed to tender their notes and consent to the amendments before the consent date.