Barminco prices cash tender offer for 9% notes, tallies early results

By Susanna Moon

Chicago, Dec. 15 – Barminco Finance Pty Ltd. said it priced the cash tender offer for up to $65 million of its $485 million outstanding 9% senior notes due 2018.

The purchase price will be $895 per $1,000 principal amount of notes plus a premium of $30 per $1,000 of notes tendered by midnight ET on Dec. 12, the early tender date, according to a notice.

As of the early deadline, holders had tendered $36.9 million principal amount of notes, all at a price at or below the tender offer payment, the company noted.

The offer will continue until midnight ET on Dec. 29. The offer began on Dec. 2.

As previously announced, pricing was set through a modified Dutch auction process, with holders specifying a price between $845 and $895 per $1,000 principal amount.

The company selected the single lowest price per $1,000 principal amount that will allow it to purchase the notes for up to the purchase price of $65 million.

The company also will pay accrued interest to the settlement date of Dec. 30.

Tendered notes may no longer be withdrawn, as of the early tender deadline.

The tender offer is not conditioned on financing or a minimum amount of notes being tendered.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811; attn.: liability management group) is the dealer manager for the offer. D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 866 796-3419 for all others) is the tender agent.

Barminco is a Hazelmere, Western Australia-based hard rock underground mining company.

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