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Tacora Resources driving by with $50 million tap of 8¼% secured notes; price talk 99.01
By Paul A. Harris
Portland, Ore., Feb. 8 – Tacora Resources Inc. plans to price a $50 million add-on to its 8¼% senior secured notes due May 15, 2026 (B1/B) in a Tuesday drive-by, according to an informed source.
Price talk is 99.01.
Books close at noon ET on Tuesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.
Jefferies LLC is the bookrunner.
The notes become callable on May 15, 2026.
The notes feature an excess cash flow offer that sets aside 50% of excess cash flow to be offered to bondholders at par on a semiannual basis.
The Montreal-based iron ore producer plans to use the proceeds for capital expenditures, and to fund cash to its balance sheet.
The original $175 million issue priced in May 2021.
The add-on notes will immediately become fungible with the original notes.
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