Paladin Energy has announced it is seeking to raise $US225 million to cover its debts, through the issue of convertible bonds.
Paladin today announced the launch of the convertible bond offering to raise $US225 million, with the option to upsize to $US275 million.
The company said the proceeds from the issue would be used to fund a tender offer to acquire up to $US200 million of its $US325 million convertible bonds issue, due in March 2013.
Any amount not used to cover its debts through the tender offer will be applied to exploration and devlopement at Paladin’s Langer Heinrich uranium mine in Namibia, and the Kayelekeera uranium mine in Malawi.
Joint bookrunners and joint lead managers of the bonds issue are Barclays Bank, Royal Bank of Canada and the Australian branch of UBS.
Paladin stocks entered a trading halt this morning, having last traded at $1.68.
