Sirius Minerals postpones $500 million secured notes offering

By Paul A. Harris

Portland, Ore., Aug. 6 – Sirius Minerals plc postponed its $500 million offering of senior secured notes due 2027, according to a Wednesday press release from the company.

Sirius Minerals cited current market conditions as the reason for not going forward with the project financing and added that it intends to revisit the market when conditions improve later in the present quarter.

Pricing on the deal climbed to the 13½% area, well wide of the 10% to 12% initial talk, according to market sources.

J.P. Morgan Securities LLC led the effort to place the bonds, which were to be issued by York Potash Intermediate Holdings plc, an indirect, wholly owned subsidiary of Sirius Minerals.

The U.K.-based fertilizer company intended to use the proceeds to fund the construction and development of a polyhalite mine.

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