Sirius Minerals puts $500 million senior note offering on ice

By Marisa Wong

Los Angeles, Aug. 6 – Sirius Minerals plc said it has decided to suspend its previously proposed offering of $500 million of senior secured notes (B-) due 2027 due to market conditions.

The company plans to revisit the market when conditions have improved later this quarter, according to a news release.

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

The notes were initially to 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 were to 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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