St. Barbara talks $250 million five-year notes with 9½% area yield

By Paul A. Harris

Portland, Ore., March 14 - Australian gold producer St. Barbara Ltd. is talking a $250 million offering of non-callable five-year first-priority senior secured notes (B2/B) with a yield in the 9½% area, according to a market source.

The Rule 144A and Regulation S deal, via managers Deutsche Bank Securities Inc. and Barclays, is set to price in the week ahead.

The Melbourne-based company plans to use the proceeds to repay A$150 million of bank debt, to provide collateralization for its A$20 million performance bond and for general corporate purposes.

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