SSR Mining issues redemption notice for notes

Executive Summary

• SSR Mining Inc. has issued a notice of redemption for its $230 million aggregate principal amount of 2.50% convertible senior notes due 2039.
• The company will redeem all outstanding notes (approx. $227.5 million principal) on March 20, 2026, unless converted prior to that date.
• The redemption price includes 100% of the principal, accrued unpaid interest, and a make-whole premium calculated as the present value of remaining scheduled interest payments.

Key Details

• Instrument: 2.50% Convertible Senior Notes due 2039.
• Original Aggregate Principal: $230,000,000.
• Current Outstanding Principal: $227,495,000.
• Redemption Date: March 20, 2026.
• Redemption Price Components:
  • 100% of the principal amount.
  • Accrued and unpaid interest to, but excluding, the redemption date.
  • A make-whole premium equal to the present value of the remaining scheduled interest payments that would have been made from the redemption date to April 1, 2026.
• Conversion Deadline: 5:00 p.m. New York time on March 19, 2026.
• Conversion Rate: 56.7931 common shares per $1,000 principal amount (adjusted from the initial rate of 54.1082).
• Settlement Terms: Conversions occurring after the notice date and before the deadline are settled via common shares, plus cash in lieu of fractional shares, accrued unpaid interest, and the make-whole premium.
• Potential Dilution: If all holders convert, approximately 13 million common shares would be issued.
• Share Count Context: These potential shares are already reflected in the company's fully diluted share count for financial reporting.
• Recent Share Buyback Activity:
  • Repurchased approx. 20 million shares at an average price of $15.76 between 2021 and 2024.
  • On Feb. 17, 2026, the Board approved a share buyback program of up to $300 million.