Our resilient business is underpinned by a healthy balance sheet which provides the ability to fund growth and reward stakeholders across cycles.
Key credit highlights
Diversified
portfolio
Industry-leading
growth pipeline
Operational
excellence
Strong
balance sheet and low leverage
Low cost
producer
Conservative
financial policies
Long
mine life
Responsible
operator
Credit ratings
| Corporate rating | Outlook | Publication date of review | |
|---|---|---|---|
| Standards & Poor's | BB | Negative | 27 October 2023 |
| Fitch | BB | Stable | 22 September 2023 |
Outstanding debt
| Instrument | Maturity | Amount (USD) | Coupon | ISIN |
|---|---|---|---|---|
| Revolving Credit Facility | 2025 | $645 million | Between 2.40–3.40% depending on leverage (NIBD/EBITDA) | n/a |
| Senior Notes | 2026 | $500 million | 5.00% payable semi-annually in arrears | USG3R41AAA47 |
$500 million senior notes due 2026
| Issuer | Endeavour Mining plc |
|---|---|
| Initial Guarantor(s) | (1) Endeavour Mining Corporation, (2) Endeavour Gold Corporation, (3) Avion Gold Corporation, (4) Ity Holdings Ltd, (5) Houndé Holdings Ltd, (6) Semafo (Barbados) Limited, (7) Semafo Inc, (8) Teranga Gold Corporation, (9) Teranga Gold (Senegal) Corporation, (10) Massawa (Jersey) Limited, (11) Sabodala Gold (Mauritius) Limited, (12) Loumana Holdings Limited |
| Australian Guarantors | (1) Teranga Gold (Australia) Pty Ltd, (2) Gryphon Minerals Burkina Faso Pty Ltd |
| Ranking and Status | Rank pari passu with all existing and future senior unsecured obligations of the Issuer and Guarantors including the new Revolving Credit Facility |
| Issue | Issue 5.00% Senior Notes due 2026 |
| Amount at Issue | US$500,000,000 |
| Issue Date | 7 October 2021 |
| Maturity Date | 14 October 2026 |
| Trustee | BNY Mellon Corporate Trustee Services Limited |
| Principal Paying Agent | The Bank of New York Mellon, London Branch |
| Registrar and Transfer Agent(s) | The Bank of New York Mellon SA/NV, Dublin Branch |
| Interest | Interest will be payable semi-annually in arrears on 14 April and 14 October of each year, commencing on 14 April 2022. Cash pay, semi-annually in arrears, fixed rate |
| Listing | Euronext Dublin, trading on the Global Exchange Market GEM |
| Credit Ratings | Standard & Poor’s: BB- |
| Fitch: BB | |
| Security Codes | ISIN: USG3R41AAA47 |
Guarantees
2026 Senior Notes
The Notes will be senior obligations of the Issuer. The Notes will be fully and unconditionally guaranteed on the Issue Date by the Initial Guarantors and additionally, as soon as reasonably practicable and in any event within 45 days following the Issue Date, by the Australian Guarantors. The Notes and Guarantees will rank pari passu in right of payment with any existing and future indebtedness of the Issuer or Guarantor, as applicable, that is not expressly subordinated in right of payment to the Notes and Guarantees, including indebtedness incurred under the Revolving Credit Facility Agreement, and will rank senior in right of payment to any existing and future indebtedness that is expressly subordinated in right of payment to the Notes and the Guarantees. The Notes and Guarantees will be effectively subordinated to any existing and future secured indebtedness of the Issuer and Guarantor, as applicable, to the extent of the value of the property and assets securing such indebtedness. The Notes and the Guarantees will be structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables) of the subsidiaries of the Issuer that do not provide Guarantees.