Chicago, April 13 – Nickel Industries Ltd. will be issuing $400 million of 11¼% senior notes due 2028 (B1//B+), according to a press release.
The company is/was conducting a series of liability management exercises to extend its debt maturity profile.
One part of that involved privately working with noteholders of its outstanding $225 million senior secured notes maturing August 2025. All holders have agreed to tender their notes and in exchange, a greater amount of the new 11¼% notes will be purchased.
With holders tendering their 2025 notes, the company will no longer have any secured debt outstanding.
Nickel is also conducting a tender offer, previously reported, for its $325 million senior notes due April 2024. That tender offer ends Apr 18.
The Rule 144A and Regulation S notes will be listed in Singapore.
The nickel producer is based in Sydney, Australia. The company changed its name from Nickel Mines Ltd.
| Issuer: | Nickel Industries Ltd.
|
| Amount: | $400 million
|
| Issue: | Senior notes
|
| Maturity: | Oct. 21, 2028
|
| Coupon: | 11¼%
|
| Trade date: | April 14
|
| Settlement date: | April 21
|
| Ratings: | Moody’s: B1
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| ISIN: | US653890AA15, USQ67949AC34
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
