Canada's Barrick Mining files for IPO of North American business in New York
B•Barrick Mining filed for an IPO of its North American business, American Barrick Gold, which is expected to list on the NYSE under ABGC. Barrick plans to retain a majority stake and receive an annual dividend of $1.2 billion, paid quarterly.
1. IPO filing
Barrick Mining filed for an IPO of its North American business, American Barrick Gold. The new company is slated to list on the New York Stock Exchange under the symbol ABGC, with Goldman Sachs, BofA Securities and RBC Capital Markets as underwriters. CEO-designate Mark Hill said the IPO would launch by early next year.
2. Assets and separation
American Barrick will include Nevada Gold Mines and the Pueblo Viejo mine in the Dominican Republic. Barrick Mining will retain a majority of American Barrick Gold's common stock after the IPO and receive an annual dividend of $1.2 billion, paid quarterly.
3. Financial details
The filings did not disclose American Barrick Gold's market capitalization. Its balance sheet shows total book equity of $20.8 billion; Barrick Mining's market capitalization was roughly $65 billion. Barrick Mining shares closed down 5.61% on the Toronto Stock Exchange on Tuesday.
