Barminco secures $485m in financing

Barminco has refinanced its debt after a US$485 million senior note offering.

The oversubscribed offering also saw the underground mining contractor increase the value following the downwards valuation of the Australian dollar.

According to the company the notes has a five year term maturing in 2018 and bear a coupon of nine per cent.

This refinancing provides it with a more simplified long term debt structure, replacing its previous secured senior bank syndicate, subordinated debt, and mezzanine facilities.

In addition to the notes offering, Barminco also secured Australian facilities, which will allow for further growth capacity in Australia and overseas.

The contract recently came under the spotlight following the Harlem Shake incident earlier this year, where a bunch of miners were fired for performing the dance underground.

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