Loan & DebtMay 21, 2026, 05:21 PM
Osisko Development Prices $275M Convertible Senior Notes at 4.125%
AI Summary
Osisko Development Corp. priced its US$275.0 million aggregate principal amount of 4.125% convertible senior notes due 2031. The offering includes US$225.0 million to qualified institutional buyers and US$50.0 million to an affiliated investor. The notes have a 25.0% conversion premium to the May 20, 2026, closing share price of US$2.94 and an initial conversion price of approximately US$3.68 per share. Net proceeds, estimated at US$265.9 million (or US$290.0 million if the option is fully exercised), will fund the Cariboo Gold Project development, general corporate purposes, and the cost of capped call transactions.
Key Highlights
- Priced US$275.0 million aggregate principal amount of 4.125% convertible senior notes due 2031.
- Notes carry an interest rate of 4.125% per annum, payable semi-annually.
- Maturity date is June 15, 2031, unless earlier converted, redeemed, or repurchased.
- Initial conversion premium of approximately 25.0% to the US$2.94 share price on May 20, 2026.
- Initial conversion price of approximately US$3.68 per common share.
- Net proceeds estimated at US$265.9 million (or US$290.0 million if option fully exercised).
- US$36.9 million allocated for cash-settled capped call transactions with a cap price of US$5.88 per share.
- Proceeds will fund the Cariboo Gold Project development and general corporate purposes.
Price Impact
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