Barminco buys back another $24.7 million 9% notes in off-market deal

By Susanna Moon

Chicago, Oct. 22 – Barminco Finance Pty. Ltd. bought back another $24.7 million principal amount of its outstanding 9% senior notes due 2018 on Thursday.

The repurchase was made in a privately negotiated transaction and funded from the company’s cash reserves, according to a company notice.

After settlement Thursday, there will be $336.3 million of the notes left outstanding.

Barminco said it may try to purchase more of the notes from time to time in open market transactions, privately negotiated transactions or otherwise, depending on market conditions, liquidity requirements and other factors.

As already reported, the company bought back $25 million the notes on July 27 and $99 million of the notes in December 2014 and January 2015.

Barminco Holdings Pty. Ltd. is a Hazelmere, Australia-based hard rock underground mining company.

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