By Susanna Moon
Chicago, Jan. 20 – Baja Mining Corp. subsidiary Minera y Metalurgica del Boleo, SA PI de CV has issued A$100 million of 4 1/8% corporate bonds due Dec. 3, 2019.
The notes are backed by Korea Resources Corp., and the companies entered into five-year Australian dollar, U.S. dollar cross currency swaps for proceeds of about $84 million, with a fixed annual interest rate of 2.67%, according to a company press release.
The swap proceeds are intended to fund Minera through the start-up phase of operations to the time when positive operating cash flow can be achieved, based on the company’s financing plan, the release noted.
Minera, a subsidiary of Vancouver, B.C.-based Baja Mining, is a mining company based in Mexico City.
Korea Resources is a Seoul, Korea-based state-owned energy and resources enterprise.
| Issuer: | Minera y Metalurgica del Boleo, SA PI de CV
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| Guarantor: | Korea Resources Corp.
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| Issue: | Corporate bonds
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| Amount: | A$100 million
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| Maturity: | Dec. 3, 2019
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| Coupon: | 4 1/8%
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| Announcement date: | Jan. 20
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