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Tuesday, 10th February 2009 (1660 views)

Crew Gold has revealed that it is launching a new offer to exchange Norwegian krone (NOK) denominated bonds into US dollar (USD) denominated bonds.

Under the scheme, bondholders are invited to change bonds issued with international securities identification number (ISIN) NO 001 030730.9 (NOK) for those with ISIN NO 001 030731.7 (USD).

Intended to reduce an existing currency mismatch between company assets, revenue streams and debt liabilities, the bond offer is based on the European Central Bank reference rate and Arctic Securities is acting as financial advisor to Crew Gold.

An offer has also been made to bondholders to sell NOK bond holdings back to Crew Gold on the same terms as the current NOK loan and a meeting will be held for the bond loan on February 18th 2009.

Based in London, Crew Gold is an international mining business focused on gold production with three operating mines in Guinea, the Philippines and Greenland.

 

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