By Devika Patel
Knoxville, Tenn., Oct. 27 – Nordic Mining ASA said subsidiary Nordic Rutile AS sold $100 million of 12½% five-year senior secured bonds at an issue price of 90 in a private placement.
Clarksons Securities AS and SpareBank 1 Markets AS were the managers.
“The issue was well subscribed by domestic and international quality investors such as pension funds, long-only credit funds, hedge funds and family offices,” the company stated in a Thursday press release.
Proceeds will be used for development of the Engebo Rutile and Garnet Project.
Nordic is an Oslo, Norway-based mining company.
| Issuer: | Nordic Rutile AS
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| Issue: | Senior secured bonds
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| Amount: | $100 million
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| Maturity: | Five years
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| Coupon: | 12½%
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| Price: | 90
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| Managers: | Clarksons Securities AS and SpareBank 1 Markets AS
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| Announcement date: | Oct. 27
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| Settlement date: | Nov. 9
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| Distribution: | Private placement
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