Champion Iron subsidiary prices $764m debt offering
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The news: Miner Champion Iron announced that its Canadian subsidiary has priced an upsized debt offering of USD500 million ($764 million).
The numbers: Champion Iron Canada priced its offering of USD500 million aggregate principal amount of senior notes due 2032 at the issue price of 100%. Interest will accrue at a rate of 7.875% per annum and will be payable semi-annually.
The context: This is upsized on the previously announced USD450 million aggregate principal amount. The funds will be used to pay outstanding amounts on senior credit facilities and “for general corporate purposes” according to a statement to the exchange.
The notes are being offered and sold in the US with settlement expected to take place on 2 July. The notes will not be quoted on the ASX or the Toronto Stock Exchange.
The source: ASX
