Silver Standard Resources Inc announced that it has closed its previously announced offering of USD 250 million aggregate principal amount of 2.875% convertible senior notes due in 2033.

The company stated that the initial conversion rate for the Notes is 50 common shares per USD 1,000 principal amount of the Notes, equivalent to an initial conversion price of USD 20.00 per common share.

The company said it intends to use up to about USD 138 million of the net proceeds from the sale of the Notes to repurchase or redeem its existing convertible notes in March 2013 and the remaining net proceeds for general corporate purposes, which may include developing or advancing its property.