St. Barbara talks $250 million five-year notes to yield 8½% to 8¾%

By Paul A. Harris

Portland, Ore., March 21 - Australian gold producer St. Barbara Ltd. talked its $250 million offering of five-year first-priority senior secured notes (B2/B) to yield 8½% to 8¾%, an informed source said on Thursday.

Books closed on Thursday for all except accounts on the West Coast of the United States. The deal is set to price on Friday.

Deutsche Bank Securities Inc. and Barclays are the joint bookrunners.

The Rule 144A and Regulation S notes come with two years of call protection.

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

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