IKN

Take physic, pomp

Goldcorp (GG) sells its Tahoe (TAHO)

I’m trying to think of something to say that isn’t “not surprised” and failing.

So, not surprised. NR here

PS: The full SEC filing is here. It includes the ostensible reason why GG wants to dump its THO:

Certain of the Underwriters (BMO Nesbitt Burns Inc.,             and            ), are directly or indirectly, wholly-owned subsidiaries of Canadian chartered banks which are members of a syndicate of 17 lenders (the “Lenders”) to Goldcorp, the parent company of the Selling Shareholder, and its subsidiaries under a US$3 billion credit facility (the “Goldcorp Facility”), and/or lenders to Goldcorp under certain other credit facilities. Accordingly, the Selling Shareholder may be considered to be a connected issuer of BMO Nesbitt Burns Inc.,            and            under applicable Canadian provincial securities legislation. The debt outstanding is unsecured.
        As at June 15, 2015, there was approximately US$1.134 billion principal amount outstanding under the Goldcorp Facility and approximately US$673 million outstanding under the other credit facilities. Goldcorp is in compliance with all material terms of the agreements governing such indebtedness and none of the Lenders has waived any material breach by Goldcorp of such agreements since their execution. The financial position of Goldcorp has not changed substantially and adversely since this indebtedness was incurred. Goldcorp expects that the net proceeds of the Offering will be used to reduce the indebtedness under the Goldcorp Facility.
        The decision to offer the Offered Shares and the determination of the terms of the distribution were made through negotiations (with reference to the market price of the Offered Shares) between GMP Securities L.P. and BMO Nesbitt Burns Inc., on their own behalf and on behalf of the other Underwriters, and Goldcorp. The Canadian chartered banks referred to above did not have any involvement in such decision or determination, but have been advised of the Offering and the terms thereof. As a consequence of the Offering, each Underwriter will receive its share of the Underwriters’ Commission and the Lenders will receive their proportionate shares of the repaid indebtedness.
        Because more than 5% of the net proceeds of this Offering will be used to reduce indebtedness under the Goldcorp Facility, the Underwriters named above are deemed to have a conflict of interest within the meaning of Rule 5121 of the Financial Industry Regulatory Authority, Inc. Accordingly, this Offering is being made in accordance with Rule 5121. Because the Offered Shares have a “bona fide public market”, pursuant to Rule 5121, the appointment of a “qualified independent underwriter” is not necessary. The Underwriters named above will not confirm sale of the Offered Shares to any account over which they exercise discretionary authority without the prior written approval of the customer.

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