Petra Diamonds to issue $600m in secured notes

Petra Diamonds said it was issuing $600m in secured notes and restructuring its debt facilities.

The secured second lien notes will be due in and are to be issued the company's Petra Diamonds US$ Treasury subsidiary.

The proceeds will be used to refinance the company's existing $300m 8.25% senior secured second lien notes due in 2020, to repay all drawn bank facilities, and for general corporate purposes, Petra said.

Petra said the new capital structure will provide the it with additional financial flexibility as a result of an extended debt maturity profile and increased liquidity position.