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Magnetation to sell $100 million tap of 11% notes due 2018 on Tuesday
By Paul A. Harris
Portland, Ore., July 8 – Magnetation LLC and Mag Finance Corp. plan to price a $100 million add-on to their non-callable 11% senior notes due May 15, 2018 (existing ratings B3/B-) on Tuesday, according to a market source.
J.P. Morgan Securities LLC, BMO Securities and Jefferies LLC are the joint bookrunners.
The Grand Rapids, Mich.-based iron ore producer plans to use the proceeds to fund working capital and for general corporate purposes.
The original $325 million issue priced at par in May 2013.
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