Barrick Gold Corp.: Announces Pricing for Debt Tender Offer

TORONTO, ONTARIO--(Marketwired - Oct 14, 2015) -

All amounts expressed in US dollars unless otherwise indicated

Barrick Gold Corp. (NYSE:ABX)(TSX:ABX) ("Barrick" or the "company") announced today the Reference Yield, Tender Offer Consideration and Total Consideration (each as defined below) in its cash tender offer (the "Tender Offer") for specified series of outstanding notes (the "Notes"). The terms and conditions of the Tender Offer are described in an offer to purchase (the "Offer to Purchase") and the related letter of transmittal (the "Letter of Transmittal"), each dated September 29, 2015.

The Tender Offer

The Tender Offer commenced on September 29, 2015. Barrick, Barrick North America Finance LLC and Barrick (PD) Australia Finance Pty Ltd (together, the "Offerors") are offering to purchase for cash the series of Notes set out in the table below for an aggregate purchase price (including principal and premium) of up to $850,000,000, as such amount has been increased by the Offerors, plus accrued and unpaid interest on the Notes from the last applicable interest payment date up to, but not including, the settlement date. The amount of a series of Notes that is purchased in the Tender Offer will be based on the order of priority (the "Acceptance Priority Level") for such series of Notes as set forth in the table below, with 1 being the highest Acceptance Priority Level and 7 being the lowest Acceptance Priority Level. In addition, the aggregate principal amount relating to the offer to purchase the series of Notes with Acceptance Priority Level 2 (the "Priority 2 Notes") will be limited to $275,000,000 (such principal amount, the "Priority 2 Tender Cap"). If there are sufficient remaining funds to purchase some, but not all, of the Notes tendered of any series (other than the Priority 2 Notes), the amount of Notes purchased in that series will be subject to proration using the procedure more fully described in the Offer to Purchase. In addition, if Priority 2 Notes are validly tendered and not validly withdrawn such that the aggregate principal amount of such Priority 2 Notes would exceed the Priority 2 Tender Cap, the amount of Priority 2 Notes purchased will be subject to proration using the procedure more fully described in the Offer to Purchase.

The following table presents the applicable Tender Offer Consideration or Total Consideration to be paid to each holder of Notes accepted for purchase and the Reference Yield used in the calculation of such consideration.

Holders of Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on October 13, 2015 (the "Early Tender Date") and accepted for purchase will receive the applicable "Total Consideration", which includes an early tender premium of $30.00 per $1,000 of principal amount of Notes accepted for purchase (the "Early Tender Premium"). Holders of Notes who validly tender their Notes after the Early Tender Date, but at or prior to the Expiration Date (as defined below), will be eligible to receive only the applicable "Tender Offer Consideration", which is an amount equal to the applicable Total Consideration minus the Early Tender Premium. The Tender Offer Consideration or Total Consideration, as applicable, will only be paid to holders of tendered Notes to the extent that the applicable Offeror accepts such Notes for purchase.

The Tender Offer Consideration or the Total Consideration, as applicable, for each series per $1,000 principal amount of Notes was determined by reference to the applicable fixed spread (the "Fixed Spread") specified for such series over the applicable yield (the "Reference Yield") based on the bid side price of the applicable reference U.S. Treasury Security (the "Reference U.S. Treasury Security") specified for such series of Notes on the front page of the Offer to Purchase or in the table above, as calculated by Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC (the "Dealer Managers") at 2:00 p.m., New York City time, on October 14, 2015.

In addition to the Tender Offer Consideration or the Total Consideration, as applicable, accrued and unpaid interest on the Notes accepted for purchase will be paid from the last applicable interest payment date up to, but not including, the settlement date.

Withdrawal rights with respect to the Notes tendered expired at 5:00 p.m., New York City time, on October 13, 2015. Subject to the terms and conditions contained in the Offer to Purchase, holders may tender Notes until midnight, New York City time, on October 27, 2015, unless extended (such date and time, as the same may be extended, the "Expiration Date").

The settlement date for the Tender Offer will follow promptly after the Expiration Date. The Offerors expect the settlement date will be October 28, 2015.

The Tender Offer is subject to the satisfaction of certain conditions set forth in the Offer to Purchase. If any of the conditions are not satisfied or waived by the Offerors, the Offerors will not be obligated to accept for purchase, purchase or pay for, validly tendered Notes, in each case subject to applicable laws, and may terminate the Tender Offer. The Tender Offer is not conditioned on the tender of a minimum principal amount of Notes.

Questions regarding the Tender Offer may be directed to Citigroup Global Markets Inc. at +1 800 558-3745 (toll-free) or +1 212 723-6106 (collect), Morgan Stanley & Co. LLC at +1 800 624-1808 (toll-free) or +1 212 761-1057 (collect), or RBC Capital Markets, LLC at +1 877 381-2099 (toll-free) or +1 212 618-7822 (collect). Copies of the Offer to Purchase and the Letter of Transmittal may be obtained from the Information Agent, Global Bondholder Services Corporation at +1 866 470-3800 (toll-free) or +1 212 430-3774 (collect) or in writing at 65 Broadway, Suite 404, New York, NY 10006.

This press release is neither an offer to purchase, nor a solicitation of an offer to sell the Notes or any other securities. The Offerors are making the Tender Offer only by, and pursuant to, the terms of the Offer to Purchase and the related Letter of Transmittal. The Tender Offer is not being made in any jurisdiction in which the making of or acceptance thereof would not be in compliance with the securities laws, blue sky laws or other laws of such jurisdiction. None of the Offerors, their respective boards of directors, the Dealer Managers, the Depositary, the Information Agent or the trustees or indenture agents for the Notes makes any recommendation as to whether holders should tender or refrain from tendering their Notes, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender their Notes and, if so, the principal amount of Notes to tender.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this press release, including any information as to the company's strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "will", "may" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company or the other Offerors in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); changes in national and local government legislation, taxation, controls, regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property, and political or economic developments in Canada, the United States and other jurisdictions in which the company does or may carry on business in the future; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; and the company's ability to successfully complete transactions. Many of these uncertainties and contingencies can affect the company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the company. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.

The Offerors disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact

INVESTOR CONTACT: Susan Muir
Vice President, Investor Communications
(416) 307-5107
s.muir@barrick.com
MEDIA CONTACT: Andy Lloyd
Senior Vice President, Communications
(416) 307-7414
alloyd@barrick.com