11/16/2012 02:43 EST | Updated 01/16/2013 05:12 EST

Eldorado Gold calls off US$500-million financing plan to issue notes

VANCOUVER - Eldorado Gold Corp. (TSX:ELD) has cancelled a planned offering of US$500 million in senior unsecured notes due to market conditions.

"Deteriorating conditions in the debt capital markets led us to conclude that the proposed offering of senior notes would not be in the best interest of shareholders under the terms currently available," chief executive Paul Wright said Friday.

"We had hoped to opportunistically access the debt capital markets to augment our already strong balance sheet, but we will only do so in a disciplined manner."

Eldorado has operations in Turkey, China, Brazil, Greece and Romania.

The company had announced plans for the financing on Monday that was to be used for general corporate purposes.

Eldorado shares were down three cents at 14.07 on the Toronto Stock Exchange in late Friday trading.