By Paul A. Harris
Portland, Ore., Feb. 8 – Tacora Resources Inc. priced a $50 million add-on to its 8¼% senior secured notes due May 15, 2026 (B2/B) at 99.01 to yield 8.527% in a Tuesday drive-by, according to an informed source.
The issue price came on top of price talk.
Jefferies LLC was the bookrunner.
The issuer previously sold $175 million of the notes in May 2021.
The Montreal-based iron ore producer plans to use the proceeds for capital expenditures and to fund cash to its balance sheet.
| Issuer: | Tacora Resources Inc.
|
| Amount: | $50 million
|
| Issue: | Add-on to senior secured notes
|
| Maturity: | May 15, 2026
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 8¼%
|
| Price: | 99.01
|
| Yield to maturity: | 8.527%
|
| First call: | May 15, 2023 at 104.125
|
| Excess cash flow: | 50% of excess cash flow to be offered to bondholders at par on a semiannual basis
|
| Trade date: | Feb. 4
|
| Settlement date: | Feb. 16 with accrued interest
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 99.01
|
| Marketing: | Drive-by
|
| Original issue: | $175 million priced in May 2021
|
| Fungibility: | Add-on notes will immediately become fungible with the original notes
|
| Total issue size: | $225 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
