By Christine Jared-Perrin: Subscribe to Christine's RSS feed
October 27, 2010 4:04 AM EDT
Australian mining and uranium producer Paladin Energy Ltd. (ASX:PDN) has issued an estimated $A304-million worth of convertible bonds to re-pay maturing debt obligations and expand its mining areas in the country and in Africa.
Paladin, listed in the Australian stock exchange, said in a statement that the fresh bond issuance would settle maturing bonds in November 2010 and December 2011.
Paladin said any amount not applied to the bonds purchase would be spent on the proposed expansion of its flagship Langer Heinrich Mine in Namibia, formerly South West Africa and used exploring future growth opportunities.
Following the issue of the new convertible bonds, Paladin will have issued close to $US875 million of convertible bonds since December 2006.
The bond buyback is expected to settle on November 30, while the fresh bond issue is expected to settle around November 4.
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Paladin said the unsecured, convertible bonds to be issued would mature in 2015.
The bond issuers are Barclays Capital, JP Morgan, and Societe Generale.
The company requested for a trading halt for the said bond issue and will resume trading tomorrow, October 28.
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