Loan & DebtMay 26, 2026, 05:02 PM
Osisko Development Closes $225M Convertible Senior Notes Offering
AI Summary
Osisko Development Corp. announced the closing of its US$225.0 million private placement of 4.125% convertible senior notes due 2031. The company expects net proceeds of approximately US$215.9 million, which will be used for capped call transactions, development of the Cariboo Gold Project, and general corporate purposes. An affiliate also agreed to purchase US$50.0 million in notes, and initial purchasers have an option for an additional US$25.0 million.
Key Highlights
- Closed US$225.0 million offering of 4.125% convertible senior notes due 2031.
- Net proceeds estimated at approximately US$215.9 million after expenses.
- Proceeds to be used for Cariboo Gold Project development and general corporate purposes.
- A portion of proceeds will fund capped call transactions to offset dilution.
- Affiliate, Double Zero Capital, LP, purchased US$50.0 million in notes.
- Initial purchasers have an option to buy up to an additional US$25.0 million in notes.
- Initial conversion price is approximately US$3.68 per Common Share.
- Initial conversion price represents a 25.0% premium over the May 20, 2026 closing price.
Price Impact
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