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Mirabela Nickel issues $5 million 1% notes under restructuring program
By Caroline Salls
Pittsburgh, Sept. 10 – Mirabela Nickel Ltd. issued $5 million 1% 30-year subordinated notes to former holders of $395 million 8¾% senior notes due 2018 as required under its restructuring and recapitalization process, according to a company news release.
Former noteholders who did not tender their notes via the company’s automated tender offer program will have the subordinated notes to which they are entitled held in trust by Mirabela Investments Pty. Ltd.
Trustee Mirabela Investments will attempt to sell the subordinated notes it holds for noteholders who issue a cash-out instruction. The next sale date in the cash-out process will be Nov. 28.
Former noteholders who did not tender their notes or issue a cash-out instruction will have until June 16, 2015 to claim their consideration.
Mirabela is a nickel producer located in Perth, Western Australia.
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