Barrick to raise more than $3 billion through share offer

Thu Oct 31, 2013 4:57pm EDT

(Reuters) - Barrick Gold Corp (ABX.TO) said on Thursday that it will raise up to $3.45 billion through a bought deal share offering, with much of the money earmarked to pay down short- and medium-term debt.

The company will offer 163.5 million common shares at a price of $18.35 per share, worth about $3 billion. With the over-allotment option, the proceeds of the offering would be about $3.45 billion.

A bought deal occurs when an underwriter commits to buy the entire offering from the client company and then resells it. Barrick's underwriters are led by RBC Capital Markets, Barclays and GMP Securities L.P.

(Reporting by Julie Gordon; Editing by Peter Galloway)

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