UPDATE 1-Agnico-Eagle to privately place $600 mln in notes

* To use net proceeds to reduce credit lines

* Received commitments from institutional investors



March 19 (Reuters) - Canadian gold miner Agnico-Eagle Mines Ltd said it will privately place $600 million in long-term unsecured senior notes in order to reduce outstanding credit lines.

Toronto-based Agnico-Eagle said it will issue guaranteed senior unsecured notes due in 2017, 2020 and 2022, with a weighted average maturity of 9.84 years and weighted average yield of 6.59 percent.

The company said it has received non-binding commitments from institutional investors in the United States and Canada to purchase the notes.

Shares of the company closed at C$59.89 Thursday on the Toronto Stock Exchange.

(Reporting by Isheeta Sanghi in Bangalore; Editing by Bijoy Koyitty) Keywords: AGNICOEAGLE/ ([e-mail]; within U.S. [phone]; outside U.S. [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.