Published on 4/3/2019 in the Prospect News Emerging Markets Daily.
New Issue: Mongolian Mining prices $440 million 9¼% notes due 2024
By Wendy Van Sickle
Columbus, Ohio, April 3 – Mongolian Mining Corp. priced $440 million of 9¼% guaranteed senior notes due 2024 on Wednesday, according to a company news release.
The Regulation S notes priced at par.
J.P. Morgan Securities plc and Morgan Stanley & Co. International plc are the joint lead managers.
The Ulaanbaatar, Mongolia-based coking coal producer and exporter plans to use to proceeds from the to fund tender offers for up to $50 million of its $194,999,827 of outstanding perpetual securities and a maximum amount of its $412,465,892 of outstanding guaranteed senior notes due 2022.
| Issuer: | Mongolian Mining Corp.
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| Issue: | Senior guaranteed notes
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| Amount: | $440 million
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| Maturity: | April 15, 2024
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| Coupon: | 9¼%
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| Price: | Par
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| Yield: | 9¼%
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| Call option: | Prior to April 15, 2022 at par plus make-whole amount or, under equity clawback, at 109.25 for up to 35% of notes; redemption price becomes 104.625 on April 15, 2022 and 102.313 on April 15, 2023
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| Bookrunners: | J.P. Morgan Securities plc and Morgan Stanley & Co. International plc
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| Pricing date: | April 3
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| Ratings: | Fitch: B
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| Standard & Poor's: B-
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| Distribution: | Regulation S
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