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Golden Star Resources raising up to US$95M to retire debt

Golden StarResources Ltd. is planning to raise up to US$95 million through theoffering of convertible senior notes and a public offering of common shares,the company said in separate July 25 statements.

The miner is offering US$65 million aggregate principalamount of convertible senior notes due 2021, to bear semiannual cash interestat a fixed rate and convertible into common shares at a conversion price thatexceeds the current market price, though the final terms are yet to bedetermined.

Golden Star also signed exchange and purchase agreementswith two holders of its 5% convertible senior unsecured debentures due June 1,2017, under which the debenture holders will exchange about US$40 million ofthe outstanding convertible debentures for an equal principal amount of newlyissued notes.

The new notes to be issued in exchange for the outstandingdebentures will be included in the total principal amount of the note offering.

Meanwhile, the remaining US$30 million will be raisedthrough a public offering of common Golden Star shares, underwritten by a groupled by BMO Capital Markets as sole book-running manager.

Golden Star also expects to grant the underwriters a 30-dayoverallotment option to purchase additional common shares for additionalproceeds of up to 15% of the offering amount.

The miner plans to use the proceeds from the financings toretire certain outstanding indebtedness, including the 5% debentures due June1, 2017, to repay its secured medium-term loan facility with Ecobank Ghana Ltd.and for general corporate purposes.