First Majestic Silver steady after launching $300 mln convertible deal

First Majestic Silver

03/12/2025 16:52

** U.S.-listed shares of Canadian miner First Majestic Silver AG.N trading around the flat line at $15.90 as it seeks capital to refinance debt

** AG early Weds launched private offering of $300 mln convertible bonds (CBs) due 2031

** It plans to use net offering proceeds to repurchase a portion of its $230 mln outstanding 0.375% CBs due 2027, and for other general purposes

** AG, which is focused on silver and gold production in Mexico and the U.S., has about $7.8 bln market cap, per LSEG data

** Through Tues close, AG's U.S.-listed shares surged 44% amid a seven-session winning streak. YTD, they have nearly tripled

** This as spot silver XAG= continues its ascent to a new record high GOL/

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))