Published on 5/17/2018 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Largo Resources prices $150 million 9¼% three-year notes at 98 to yield 10.031%
By Paul A. Harris
Portland, Ore., May 17 – Largo Resources Ltd. priced a $150 million issue of 9¼% three-year senior secured notes at 98 to yield 10.031% on Thursday, according to a syndicate source.
Jefferies LLC was the bookrunner for the quick-to-market deal, which came without any formal price talk.
The Toronto-based strategic minerals company plans to use the proceeds to repay bank debt.
| Issuer: | Largo Resources Ltd.
|
| Amount: | $150 million
|
| Maturity: | June 1, 2021
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies LLC
|
| Co-managers: | HC Wainwright & Co. LLC, Mackie Research Capital Corp.
|
| Coupon: | 9¼%
|
| Price: | 98
|
| Yield: | 10.031%
|
| First call: | June 1, 2019 at 104.625
|
| Equity clawback: | 40% at 109.25 until June 1, 2019
|
| Trade date: | May 17
|
| Settlement date: | May 22
|
| Ratings: | To be announced
|
| Distribution: | Rule 144A and Regulation S for life
|
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