Commentary & Deal Flow

Endeavour Mining Plc (EDV LN (London), EDV CN (Toronto)) exp NR/BB-/BB US$500m 144A/Reg S 5NC2 sr notes due 10/14/26. Callable 10/14/23 (then at 102.50, 101.25, 100). MW+50. Citi (GC/B&D)/ HSBC/ING/SG joint books. Initial Guarantors: Endeavour Mining Corporation, Endeavour Gold Corporation, Avion Gold Corporation, Ity Holdings Ltd, Houndé Holdings Ltd, Semafo (Barbados) Limited, SEMAFO Inc, Teranga Gold Corporation, Teranga Gold (Senegal) Corporation, Massawa (Jersey) Limited, Sabodala Gold (Mauritius) Limited, Loumana Holdings Limited. Australian Guarantors: Teranga Gold (Australia) Pty Ltd; Gryphon Minerals Burkina Faso Pty Ltd (to accede within 45 days of issue date). 101 CoC. Standard HY Covenant Terms including Limitation on Debt (minimum 2.5x Fixed Charge Coverage Ratio), Restricted Payments, Liens, Asset Sale, Transactions with Affiliates, Events of Default etc. List Euronext Dublin GEM. New Law Law. UOP: In combination with cash available on balance sheet, to repay all amounts outstanding under the Bridge Facility and the Existing RCF and to pay fees and expenses in relation to the Offering. Marketing: www.netroadshow.com/ passcode: Dore5399. Pricing 10/7. Settle 10/14.

IPTs: high 5%s.
GUIDANCE: 5.50-5.625%.
LAUNCHED: $500m 5nc2 at 5.25%.

PRICED: $500m 5.00% 10/14/26 98.913 5.25% T+423.3 (MS+415.2). MW+50.