Paladin to raise $225m in bond issue
PERTH, Australia. Uranium miner Paladin Energy on Monday launched an offering to raise $225-million of senior, unsecured convertible bonds, due in 2017.
The miner has an option to increase the offering to $275-million.
The convertible bonds would be offered to institutional, professional and sophisticated investors only, and would occur outside the US.
The ASX- and TSX-listed miner said that the proceeds of the issue would be used in part to fund its current tender offer to acquire up to $200-million of its $325-million issue of convertible bonds, due in March next year, with the remainder of the funds used to strengthen the company’s balance sheet and pursue further growth opportunities.
Paladin owns operating mines in Africa and projects in Australia.