JOHANNESBURG (miningweekly.com) – Aim-listed Petra Diamonds on Thursday announced the pricing of its offering of senior secured second lien notes, due 2022, at $650-million.
Interest on the notes will accrue at a rate of 7.25% a year, payable semi-yearly in arrears.
Closing is expected to take place on April 12, subject to customary conditions precedent for such transactions.
The net proceeds from the notes will be used to refinance the company's existing $300-million 8.25% senior secured second lien notes due 2020, to repay amounts outstanding under certain of the existing senior facilities and for general corporate purposes.