Eldorado withdraws debt offer, cites bad market

Fri Nov 16, 2012 3:04pm EST
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* Company withdraws $500 mln debt offer

* Shares down 0.92 percent at C$13.98 on TSX

Nov 16 (Reuters) - Canada's Eldorado Gold Corp said on Friday that it will not go ahead with a planned $500 million debt offering, citing deteriorating market conditions.

The gold miner had announced the proposed offering of senior notes on Monday, and said that proceeds would be used for general corporate purpose, including growth initiatives.

The company backed away from the offer four days later, citing "deteriorating conditions" in the debt markets.

"We had hoped to opportunistically access the debt capital markets to augment our already strong balance sheet, but we will only do so in a disciplined manner," said Chief Executive Paul Wright in a statement.

Eldorado operates gold mines in Turkey, Greece and China, and is developing projects around the world. The miner's shares were down 0.92 percent at C$13.98 on the Toronto Stock Exchange on Friday afternoon.