Mirabela closes US$395 million senior unsecured notes offering

Mirabela Nickel Limited (ASX:MBN,TSX: MNB) has today closed its offering of US$395 million of 8.75% senior unsecured notes due 2018.

The press release is quoted as saying,

The net proceeds from the offering were deposited into an escrow account pending the satisfaction of certain conditions relating to the completion of the refinancing of Mirabela’s existing indebtedness and hedging arrangements.  As those conditions have been satisfied, Mirabela will use the net proceeds to pay down its senior and subordinated debt facilities, to make prepayments in connection with the termination of certain commodity call options, interest rate hedging and foreign exchange hedging, to provide further general working capital and for general corporate purposes.

For the complete press release, click here.