By Paul A. Harris
Portland, Ore., May 5 – Tacora Resources Inc. priced an upsized $175 million issue of five-year senior secured notes (B1/B) at par to yield 8¼% on Wednesday, according to an informed source.
The issue size increased from $150 million.
The yield printed at the tight end of the 8¼% to 8½% yield talk.
Jefferies ran the books. Clarksons was a joint lead manager.
The Montreal-based iron ore producer plans to use the proceeds to refinance existing senior secured debt.
| Issuer: | Tacora Resources Inc.
|
| Amount: | $175 million, increased from $150 million
|
| Maturity: | May 15, 2026
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies
|
| Joint lead manager: | Clarksons
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Call protection: | Two years
|
| Trade date: | May 5
|
| Settlement date: | May 11
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¼% to 8½%
|
| Marketing: | Roadshow
|
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