By Paul A. Harris
Portland, Ore., April 15 – Perth-based Mineral Resources Ltd. priced a downsized $700 million issue of 8 1/8% senior notes due 2027 (B+), according to market sources.
The issue size decreased from $750 million.
Initial guidance was in the 7¾% to 8% area.
The notes, which had been marketed on an investor roadshow during the April 8 week, were trading at 101 on Monday morning, a bond trader said.
J.P. Morgan Securities LLC was the bookrunner.
The mining services provider plans to use the proceeds to repay bank debt and for general corporate purposes.
| Issuer: | Mineral Resources Ltd.
|
| Amount: | $700 million, decreased from $750 million
|
| Maturity: | 2027
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 8 1/8%
|
| Call protection: | Three years
|
| Settlement date: | April 23
|
| Rating: | S&P: B+
|
| Distribution: | Rule 144A
|
| Marketing: | Roadshow
|
| Guidance: | 7¾% to 8% area
|
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