SSR Mining redeems $227.5 million convertible notes due 2039

SSR Mining Inc. (NASDAQ: SSRM) issued a notice to redeem its 2.50% convertible senior notes due 2039, with $227.5 million in aggregate principal currently outstanding from the original $230 million issuance.

The company will redeem all unconverted notes on March 20, 2026, paying holders 100% of the principal amount plus accrued interest and a make-whole premium. The make-whole premium equals the present value of remaining scheduled interest payments from the redemption date to April 1, 2026.

Noteholders can convert their securities into common shares before 5:00 PM New York time on March 19, 2026. The conversion rate stands at 56.7931 common shares per $1,000 principal amount, adjusted from the initial rate of 54.1082 per the indenture terms.

If all holders convert their notes, approximately 13 million common shares would be issued. These shares are already included in the company's fully diluted share count for financial reporting purposes.

The notes were originally issued under an indenture dated March 19, 2019, with the Bank of New York Mellon serving as trustee. SSR Mining repurchased approximately 20 million shares at an average price of $15.76 per share between 2021 and 2024. The company announced board approval for a share buyback program of up to $300 million on February 17, 2026.

For conversions occurring after the redemption notice date, SSR Mining will deliver common shares plus cash for fractional shares, accrued interest, and the make-whole premium, according to the company's statement.

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