Petra Diamonds increases note issue to $650m; priced at 7.25%
Petra Diamonds Ltd.(DI)
34.50p
15:44 15/11/24
-3.63%
-1.30p
Petra Diamonds said it had increased its offering of senior secured notes to $650m, adding that they had been priced at 7.25%.
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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.