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Barrick completes sale of $2B in debt securities

The Associated Press

Barrick Gold Corp. said Tuesday that it has completed its sale of $2 billion in debt securities and will use the proceeds to pay down debt tied to its acquisition of Equinox Minerals Ltd.

Barrick, which is based in Canada and is the world's largest gold miner, announced last year that it was acquiring the mining company Equinox for about $7.7 billion.

The company said it will reduce loans from two revolving credit facilities, each of which it drew from for the acquisition. The balance of the proceeds will be used to pay for the development of mining projects and other corporate purposes.

Shares of Barrick fell 69 cents, or 1.6 percent, to $43.51 in midday trading in New York. It is trading near its 52-week low of $42.20 set last Thursday. Its high for the year was $55.95 set in early September.