Barminco talks $500 million five-year restructured notes to yield 9%-9¼%; pricing Monday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., May 13 - Barminco Finance PTY Ltd. set price talk for its proposed $500 million five-year senior notes (B1/B-) to yield 9% to 9¼%, according to a market source.

Books close at 2 p.m. ET on Monday, and pricing is expected thereafter.

Pricing was originally set for May 10 but was held up as a London roadshow was added.

J.P. Morgan Securities LLC, Goldman Sachs & Co. and HSBC Securities (USA) LLC are the joint bookrunners for the deal.

The Rule 144A and Regulation S for life notes will be non-callable.

Call protection was extended from two years.

The notes also feature an added three-year 50% equity clawback.

Proceeds will be used to refinance debt and for general corporate purposes.

Barminco is a Hazelmere, Western Australia-based international mining contractor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.