VANCOUVER, Jan. 10, 2013 /PRNewswire/ - Silver Standard Resources Inc. (NASDAQ: SSRI, TSX: SSO) ("Silver Standard" or the "Company") announced today that it is offering US$200 million aggregate principal amount of convertible senior notes due 2033 (the "Notes") pursuant to private placement exemptions. The Company intends to use up to approximately US$138 million of the net proceeds from the sale of the Notes to repurchase or redeem its existing convertible notes in March 2013 and the remaining net proceeds for general corporate purposes, which may include developing or advancing its property portfolio. Silver Standard expects to grant the initial purchasers of the Notes an option to purchase up to an additional US$30 million aggregate principal amount of Notes at any time on or before the 30 th day after the initial closing of the offering. The final terms of the offering will be determined by Silver Standard and the initial purchasers. The Notes will bear cash interest semi-annually at a fixed rate and be convertible by holders into Silver Standard common shares at an initial conversion price higher than the closing share price on the day the offering is priced. Silver Standard currently expects that the Notes will be redeemable by Silver Standard in certain circumstances and Silver Standard also expects that holders may require Silver Standard to repurchase their Notes at certain times. The offering of Notes is expected to close, subject to market conditions and the satisfaction of closing requirements, on or about January 16, 2013. 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 Canada. 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 will be 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 Canada will be 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.
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the ProShares Ultra S&P500 where we have detected an approximate $33.0 million dollar outflow -- that's a 1.5% decrease week over week (from 17,225,000 to 16,975,000). Among the largest underlying components of SSO, in trading today 3M Co is up about 0.2%, Accenture plc is up about 0.3%, and ACE, Ltd.
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the ProShares Ultra S&P500 where we have detected an approximate $57.7 million dollar outflow -- that's a 2.4% decrease week over week (from 18,375,000 to 17,925,000). Among the largest underlying components of SSO, in trading today Accenture plc is down about 1.5%, ACE, Ltd.