Mineral Resources Limited (ASX: MIN) has completed its previously announced offering of US$700 million in aggregate principal amount of its 8.125% Senior Unsecured Notes due 2027 in an offering to persons reasonably believed to be qualified institutional buyers.
Mineral Resources Limited (ASX: MIN) has completed its previously announced offering of US$700 million in aggregate principal amount of its 8.125% Senior Unsecured Notes due 2027 in an offering to persons reasonably believed to be qualified institutional buyers.
A portion of the net cash proceeds of the Notes offering will be used to refinance certain of Mineral Resources’ existing credit facilities. Any remaining net cash proceeds will be used for general corporate purposes (including capital expenditures). Following repayment of existing credit facilities, Mineral Resources plans to enter into a new A$250 million Syndicated Revolving Credit Facility.
Mineral Resources Managing Director Chris Ellison said: “Over recent years Mineral Resources’ business has grown and we now have established operations at mines with anticipated lives of between 10 and 30 years. The offering of the notes represents an important financing milestone for Mineral Resources and better aligns our funding needs with the long-term nature of our operations, including the development of the Wodgina and Mt Marion hard-rock lithium projects.
“We are also pleased with the outcome of the notes offering since it provides us with ready access to an additional source of capital to support further growth opportunities once they arise.” This announcement does not constitute an offer to sell, or the solicitation of any offer to buy, the Notes or any other securities. Any offer of the Notes will be made only by means of a private offering memorandum.
“The Notes are not being registered under the Securities Act nor the securities laws of Australia nor any other jurisdiction. The Notes may not be offered nor sold in the United States without registration under the Securities Act or an applicable exemption from such registration requirements.”
