Stock Update (NYSE:ABX): Barrick Gold Corporation (USA) Announces Final Results and Settlement of $650 Million Debt Tender Offer

Barrick Gold Corporation (USA) (NYSE:ABX) announced the final results and settlement of its $650 million cash tender offer (the “Tender Offer”) for specified series of outstanding notes (the “Notes”). The terms and conditions of the Tender Offer were described in an offer to purchase (as amended, the “Offer to Purchase”) and the related letter of transmittal (as amended, the “Letter of Transmittal”), each dated November 2, 2016.

Following the settlement of the Tender Offer, Barrick has now reduced its total debt by approximately $2 billion in 2016.

The Tender Offer

The Tender Offer commenced on November 2, 2016. Barrick and Barrick North America Finance LLC (together, the “Offerors”) offered to purchase for cash the series of Notes set out in the tables below for an aggregate purchase price (including principal and premium) of up to $650,000,000 (the “Maximum Tender Amount”), plus accrued and unpaid interest on the Notes from the last applicable interest payment date up to, but not including, the Settlement Date (as defined below). The amount of a series of Notes accepted for purchase in the Tender Offer was based on the order of priority (the “Acceptance Priority Level”) for such series of Notes as set forth in the tables below, with 1 being the highest Acceptance Priority Level and 3 being the lowest Acceptance Priority Level. Since the purchase of all of the Notes with Acceptance Priority Level 1 validly tendered and not validly withdrawn would result in an aggregate purchase price that would exceed the Maximum Tender Amount, the amount of Notes purchased in such series was prorated using the procedure more fully described in the Offer to Purchase. (Original Source)

Shares of Barrick Gold are up nearly one percent to $15.16 in pre-market trading Friday. ABX has a 1-year high of $23.47 and a 1-year low of $6.94. The stock’s 50-day moving average is $16.25 and its 200-day moving average is $19.18.

On the ratings front, ABX has been the subject of a number of recent research reports. In a report issued on October 31, Mackie analyst Barry Allan upgraded ABX to Hold. Separately, on October 27, Credit Suisse’s Ralph M. Profiti maintained a Buy rating on the stock and has a price target of $27.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Barry Allan and Ralph M. Profiti have a yearly average loss of 1.2% and 7.2% respectively. Allan has a success rate of 44% and is ranked #2867 out of 4239 analysts, while Profiti has a success rate of 25% and is ranked #3557.

Barrick Gold Corp. mines and explores for gold, copper and nickel. It operates through its projects in Canada, the United States, the Dominican Republic, Australia, Papua New Guinea, Peru, Chile, Argentina, Zambia, Saudi Arabia and Tanzania. The company’s gold operating units are: Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, North-America other and Australia Pacific.


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