Mineral Resources Limited (ASX: MIN) has announced the upsizing and pricing of its
- US$625 million 8.000% Senior Unsecured Notes due 2027; and
- US$625 million 8.500% Senior Unsecured Notes due 2030
in an offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended, and to certain persons outside the United States in offshore transactions in reliance on Regulation S under the Securities Act.
The settlement of the offering of the Notes is expected to occur in New York on 2 May 2022, subject to customary closing conditions.
MinRes intends to use the cash proceeds from the offering for general corporate purposes, including for capital expenditures.
The 2027 Notes will pay interest on 1 May and 1 November each year, commencing on 1 November 2022, at a rate of 8.000% per annum. The 2030 Notes will pay interest on 1 May and 1 November each year, commencing on 1 November 2022, at a rate of 8.500% per annum. The Notes will be guaranteed by certain wholly-owned subsidiaries of MinRes.