Endeavour Silver closes $350M (U.S.) note offering

Executive Summary

• Endeavour Silver Corp. has closed a $350 million U.S. offering of 0.25% unsecured convertible senior notes due 2031, including the full exercise of the $50 million over-allotment option.
• The net proceeds will be used to repay senior secured debt with ING Capital LLC and Societe Generale, finance the Pitarrilla project in Mexico, and for general corporate purposes.
• The notes carry an initial conversion rate of 80.2890 common shares per $1,000 principal amount, equivalent to an initial conversion price of approximately $12.4550 per share.

Key Details

• Transaction Size: $350 million (U.S.) aggregate principal amount of convertible senior notes.
• Note Terms: 0.25% unsecured convertible senior notes due 2031.
• Over-Allotment: The offering includes the exercise in full of the $50 million (U.S.) option granted to initial purchasers.
• Conversion Metrics:
  • Initial conversion rate: 80.2890 common shares per $1,000 (U.S.) principal amount.
  • Initial conversion price: Approximately $12.4550 (U.S.) per share.
• Use of Proceeds:
  • Repayment of senior secured debt facility with ING Capital LLC and Societe Generale.
  • Financing the advancement of the Pitarrilla project located in Durango state, Mexico.
  • General corporate purposes, including strategic opportunities.