Petra Diamonds increases note issue to $650m; priced at 7.25%

Petra Diamonds said it had increased its offering of senior secured notes to $650m, adding that they had been priced at 7.25%.

Interest will be paid semi-annually in arrears and closing is expected to take place on or about 12 April 2017, Petra said. The initial offering was $600m.

Net proceeds from the notes will be used to refinance the company's existing $300m 8.25% senior secured second lien notes due in 2020, to repay amounts outstanding under certain of the existing senior facilities and for general corporate purposes.