Feb. 13, 2013
/PRNewswire/ - Silver Standard Resources Inc. (NASDAQ: SSRI, TSX: SSO) ("Silver Standard" or the "Company") announced today the closing of
aggregate principal amount of 2.875% convertible senior notes due 2033 (the "Notes") pursuant to the partial exercise of the over-allotment option granted to the initial purchasers of the Notes in connection with Silver Standard's previously announced offering of
of Notes, which closed on
January 16, 2013.
The initial conversion rate for the Notes is 50 common shares per
principal amount of the Notes, equivalent to an initial conversion price of
per common share. The Company intends to use up to approximately
of the net proceeds from the sale of the Notes to repurchase or redeem its existing convertible notes in
and the remaining net proceeds for general corporate purposes, which may include developing or advancing its property portfolio.
The Notes, and the common shares into which the Notes are convertible (the "Shares"), have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or qualified by a prospectus in
. The Notes and the Shares may not be offered or sold in
the United States
absent registration under the Securities Act or an applicable exemption from registration under the Securities Act. The Notes were offered only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and outside
the United States
to non-U.S. persons in compliance with Regulation S under the Securities Act. Offers and sales in
were made only pursuant to exemptions from the prospectus requirements of applicable Canadian provincial securities laws.
This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.