Mineral Resources Limited (ASX: MIN) has announced the pricing of its US$1.1 billion 9.250% Senior Unsecured Notes due 2028 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 aggregate principal amount of the offering has been increased from the initially announced US$850 million.
The settlement of the offering of the notes is expected to occur in New York on 3 October 2023, subject to customary closing conditions.
MinRes intends to use the cash proceeds from the offering for general corporate purposes, including for capital expenditures.
The notes will pay interest on 1 April and 1 October each year, commencing on 1 April 2024, at a rate of 9.250% per annum. The notes will be guaranteed by certain wholly owned subsidiaries of MinRes.
