Endeavour Mining announced the successful completion of the acquisition of Teranga Gold Corp. to create a new top 10 global gold producer. “We are delighted to successfully complete our acquisition of Teranga and would like to welcome the teams at the Sabodala-Massawa and Wahgnion mines to our organization,” Endeavour President and CEO Sebastien de Montessus said. “We look forward to quickly integrating our new assets into our West African operating platform and delivering on the anticipated material synergies.”

The company’s production base is diversified across six core operating mines in three countries. It also has a development pipeline of six greenfield projects and the largest exploration portfolio in the region, according to de Montessus.

Pursuant to a court-approved plan of agreement, shareholders of Teranga received 0.47 of an Endeavour ordinary share for each Teranga common share held, resulting in the issuance of nearly 79 million Endeavour shares, with Endeavour now holding a total of more than 243 million Endeavour shares outstanding. As a result of the arrangement, Teranga has become a wholly-owned subsidiary of Endeavour.

Along with the completion of the Teranga acquisition, Endeavour has closed the previously announced $800 million debt refinancing package. The refinancing consists of an amendment and extension of Endeavour’s existing $430 million revolving credit facility (RCF) and a $370 million bridge facility. The refinancing proceeds have been used to retire Teranga’s various higher cost debt facilities. Endeavour intends to downsize its Bridge and/or RCF facilities following the closing of the $200 million La Mancha investment.

The La Mancha investment, representing more than 8.9 million shares, is expected to close by the end of March. Following the investment, Endeavour will have approximately nearly 252 million shares outstanding with La Mancha holding an interest of approximately 19%.