Nickel Industries places $400m notes
PERTH (miningweekly.com) – ASX-listed Nickel Industries has completed the issue of $400-million in senior unsecured notes, at a coupon of 11.25% and maturing in October 2028.
The company earlier this week flagged the notes issue in an attempt to extend its debt maturity profile.
The company also announced the intention to concurrently tender its existing $325-million senior unsecured notes, which mature in April 2024, with the intent to offer target note holders the opportunity to sell their current holdings and to subscribe for the new notes, thereby extending their investment in the company.
The concurrent tender offer will remain open until April 18, and the target notes purchased will be cancelled and will not be re-issued or re-sold.
“We are pleased to have completed this issuance, which has demonstrated the strong interest and support for our business across the region. Completion of the issuance successfully extends our maturity profile, simplifies the capital structure and removes all secured debt,” said Nickel Mines MD Justin Werner.
“Our listed bond programme continues to provide the company with access to a diversified, efficient form of funding. The tendering of existing notes to date has demonstrated that we have supportive, long-term debt providers who have further extended their investment in our business.
“Combined with the demonstrated cash generating capacity from our existing assets, this transaction best positions us to continue growing the business into a leading producer of battery grade nickel, while maintaining our position as a top 10 global nickel producer.”
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