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Iamgold Corp. (IAG - Free Report) has announced that it will issue $400 million of senior notes due 2025. The proceeds from the loan will be used to redeem $489 million of outstanding 6.75% notes due in Oct 2020.
The interest has been pegged at 7.00% per annum and is being issued at a price of 100% of their face amount, providing the company with gross proceeds of $400 million. The offering is expected to close around Mar 16, 2017, subject to customary conditions. This will help the company to reduce its long-term debt and improve the capital structure which in turn should provide fund for its growth over the next four years.
Iamgold posted earnings of 1cent per share and revenues of $252.5 million in fourth-quarter 2016 which was a rise from the prior year quarter. The company increased its gross profit by $156.8 million to $102.2 million for full year 2016. For 2017, the company not only intends to increase gold production to one million ounces but also to reduce costs significantly.
Iamgold underperformed the Zacks categorized Mining-Gold industry over the last three months. The company’s shares have gained 12.1% in the last three months compared with an increase of 15.3% recorded by the industry over the same period.
Iamgold remains focused on increasing its reserves and preventing the depletion of resources. The company’s joint ventures in South and Central America, West Africa and Canada have undertaken exploration projects, along with targeting soft rock resources near existing mines. For 2017, the company has increased the exploration budget to $47 million, compared with the $39 million figure of 2016. Further, it is moving ahead with the technical studies at the Boto Gold and Cote Gold projects. The company anticipates capital expenditure of $250 million for 2017.
BHP Billiton has an expected long-term growth of 12.3%.
Arkema has an expected long-term growth of 5.6%.
Albemarle Corp has an expected long-term growth of 10.3%.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
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Iamgold Issues New Notes to Reduce Long-Term Debt
Iamgold Corp. (IAG - Free Report) has announced that it will issue $400 million of senior notes due 2025. The proceeds from the loan will be used to redeem $489 million of outstanding 6.75% notes due in Oct 2020.
The interest has been pegged at 7.00% per annum and is being issued at a price of 100% of their face amount, providing the company with gross proceeds of $400 million. The offering is expected to close around Mar 16, 2017, subject to customary conditions. This will help the company to reduce its long-term debt and improve the capital structure which in turn should provide fund for its growth over the next four years.
Iamgold posted earnings of 1cent per share and revenues of $252.5 million in fourth-quarter 2016 which was a rise from the prior year quarter. The company increased its gross profit by $156.8 million to $102.2 million for full year 2016. For 2017, the company not only intends to increase gold production to one million ounces but also to reduce costs significantly.
Iamgold underperformed the Zacks categorized Mining-Gold industry over the last three months. The company’s shares have gained 12.1% in the last three months compared with an increase of 15.3% recorded by the industry over the same period.
Iamgold remains focused on increasing its reserves and preventing the depletion of resources. The company’s joint ventures in South and Central America, West Africa and Canada have undertaken exploration projects, along with targeting soft rock resources near existing mines. For 2017, the company has increased the exploration budget to $47 million, compared with the $39 million figure of 2016. Further, it is moving ahead with the technical studies at the Boto Gold and Cote Gold projects. The company anticipates capital expenditure of $250 million for 2017.
Iamgold Corporation Price and Consensus
Iamgold Corporation Price and Consensus | Iamgold Corporation Quote
Zacks Rank & Key Picks
IAMGOLD carries a Zacks Rank #3 (Hold).
Some better-ranked companies in the mining space include BHP Billiton Limited (BHP - Free Report) , Arkema SA (ARKAY - Free Report) and Albemarle Corporation (ALB - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can the complete list of today’s Zacks #1 Rank stocks here.
BHP Billiton has an expected long-term growth of 12.3%.
Arkema has an expected long-term growth of 5.6%.
Albemarle Corp has an expected long-term growth of 10.3%.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth. Download this IPO Watch List today for free >>