Atlas unit may raise $350M via notes - IFR
MANILA, Philippines - A five-year, fixed-rate notes offer by a unit of Philippine miner, Atlas Consolidated Mining and Development Corp., has received strong investor interest with a possible $350 million issue already covered ahead of the launch, IFR reported on Thursday.
The deal is likely to be launched shortly with investor orders seen in the 6.5% to 7% range, according to a report by IFR, a unit of Thomson Reuters.
Carmen Copper Corp., a wholly owned unit of Atlas that operates a copper mine in central Cebu province, was looking to issue dollar-denominated notes with a maturity of five years and five days, Atlas said in a statement on Tuesday.
Atlas and issue manager, BDO Capital & Investment Corp., declined to comment on the rumored issue size.
Atlas said Carmen Copper management has been authorized to fix the terms and conditions of the debt issue.
Proceeds will be used to refinance a portion of the debt of Carmen Copper and Atlas and fund capital expenditures, Atlas said.
Credit Suisse Securities (Europe) Ltd has also been tapped as issue manager and bookrunner.