By Angela McDaniels
Tacoma, Wash., March 22 - Mongolian Mining Corp. priced $600 million of 8 7/8% guaranteed senior notes due 2017, according to a company news release.
The Regulation S notes (B1/B+/) priced at par.
ING Bank NV, Singapore Branch, J.P. Morgan Securities Ltd. and Merrill Lynch International are the joint bookrunners, and Standard Bank plc and Standard Chartered Bank are the joint lead managers.
Prior to March 29, 2015, the notes have a make-whole call option, or the company may redeem up to 35% of them at 108.875 under an equity clawback. They become callable at 104.4375 beginning March 29, 2015. The redemption price will step down to 102.2188 on March 29, 2016.
The Ulaanbaatar, Mongolia-based coking coal producer and exporter plans to use to proceeds from the to finance transportation infrastructure improvement and development projects, as well as for working capital and other general corporate purposes, including exploration and debt refinancing.
| Issuer: | Mongolian Mining Corp.
|
| Issue: | Senior guaranteed notes
|
| Amount: | $600 million
|
| Maturity: | March 29, 2017
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Call option: | Prior to March 29, 2015 at par plus make-whole amount or, under equity clawback, at 108.875 for up to 35% of notes; redemption price becomes 104.4375 on March 29, 2015 and 102.2188 on March 29, 2016
|
| Bookrunners: | ING Bank NV, Singapore Branch, J.P. Morgan Securities Ltd. and Merrill Lynch International
|
| Lead managers: | Standard Bank plc and Standard Chartered Bank
|
| Pricing date: | March 22
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Regulation S
|
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