Cambrian Mining to offer $20 million three-year convertible bonds

By Kenneth Lim

Boston, May 18 - Cambrian Mining plc on Thursday said it plans to offer $20 million of three-year convertible unsubordinated unsecured bonds.

The convertibles will be offered at par and will be redeemable at the principal amount.

HVB Corporates and Markets is the bookrunner for the deal, which is distributed outside the United States under Regulation S.

Cambrian, a mining finance company, plans to use the proceeds of the offering to invest in its current holdings, to seek new investments and for general corporate purposes.

Cambrian stock slid 3.92%, or 6p, to close at 147p on Thursday in the London Alternative Investment Market after the deal was announced.

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