Stillwater Pulls Junk Bond Offer Citing Market ‘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.

For the complete market news, click here.