Sirius Minerals plans $500 million senior secured notes due 2027

By Sarah Lizee

Olympia, Wash., July 19 – Sirius Minerals plc intends to offer $500 million of senior secured notes (B-) due 2027, according to a notice.

The notes will be issued by the company’s indirect wholly owned subsidiary, York Potash Intermediate Holdings plc.

The notes will initially be guaranteed on a senior secured basis by York Potash Holdings Ltd., the direct parent of the issuer, and York Potash Ltd. and York Potash Processing & Ports Ltd., subsidiaries of the issuer, and on a senior unsecured basis by Sirius.

Proceeds will be used, together with other financing, to fund the construction and development of a polyhalite mine.

Sirius Minerals is a U.K.-based fertilizer development company.

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