MinRes declares pricing for $975m debt raising

Mineral Resources has announced the pricing of its US$700 million ($975 million) worth of senior unsecured notes due in 2027 will pay a return at a rate of 8.125 per cent per annum.

The notes will pay the interest on May 1 and November 1 each year, and will commence on November 1 this year.

Earlier this month, MinRes tapped the US bond market for investment in the unsecured notes and said the funds raised would be used to  refinance some of its existing bank facilities and for general corporate purposes.

Last month, MinRes and Ganfeng Lithium jointly completed the purchase of Neometals’ remaining 13.8 per cent stake in the Mt Marion lithium project in the Goldfields for an aggregate of $103.8 million.

Shares in MinRes were flat at 16.64 cents each at 2.30pmAEDT.