lihir-launches-995-million-rights-issue-and-placement

Lihir launches $995 million rights issue and placement

The Australian gold miner is restructuring its balance sheet and closing out its gold hedge contracts.
April 17, 2007
Australian gold miner Lihir Gold is restructuring its finances by raising new equity through a A$1.2 billion $995 million accelerated rights issue and institutional placement. The institutional portion of the renounceable rights issue closes tomorrow, while the placement is due to price on Friday morning following a two-day bookbuild.

The deal is being arranged and underwritten by Goldman Sachs JBWere and Macquarie Equities as Lihir Gold moves to close out its hedge book, repay its gold loan and other secured debt facilities, and provide funding for project development.

A total of A$1.2 million will be raised with A$856 million coming from the institutional rights issue, A$214 million from a retail rights issue and A$120...
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