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Stillwater Pulls Junk Bond Offer Citing Market ‘Deterioration’
Sep. 27, 2011 02:14PM PST
Precious Metals InvestingBloomberg reported Stillwater Mining Co. (NYSE:SWC) canceled its plan to sell $300 million of speculative-grade bonds citing “dramatic deterioration.”
Bloomberg reported Stillwater Mining Co. (NYSE:SWC) canceled its plan to sell $300 million of speculative-grade bonds citing “dramatic deterioration.”
The market news is quoted as saying,
Relative yields on high-yield, high-risk bonds have soared 39 basis points to 800 basis points, or 8 percentage points, since Stillwater said on Sept. 19 it was offering debt to help fund the acquisition of Peregrine and for development and expansion projects.