By Susanna Moon
Chicago, June 21 - International Mining & Infrastructure Corp. plc said it placed $20 million of 8.875% unsecured bonds due 2016.
The funds raised will further strengthen International Mining's financial resources ahead of the proposed acquisition of Afferro Mining Inc., according to a company press release.
The funds were raised through the company's newly created subsidiary in Canada, where Afferro is based and where the company plans to acquire Afferro though a plan of arrangement, Haresh Kanabar, International Mining's chairman, said in a press release.
"We are particularly pleased that our innovative strategy for unlocking the value of African iron ore has received such significant support from institutional investors in the debt markets, with our recent bond issues raising a total of $75 million," Kanabar added.
International Mining is based in London and focuses on unlocking the value of iron ore in Africa through infrastructure development and investments in junior miners.
| Issuer: | International Mining and Infrastructure Corp. plc
|
| Issue: | Unsecured bonds
|
| Amount: | $20 million
|
| Maturity: | Oct. 30, 2016
|
| Coupon: | 8.75%
|
| Distribution: | Private placement
|
| Announcement date: | June 21
|
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