Atlas copper unit raises $300M from 5-yr notes
MANILA, Philippines - Atlas Consolidated Mining and Development Corp. said its copper unit successfully raised $300 million from the issuance of dollar-denominated fixed rate notes.
In a statement, Atlas said Carmen Copper Corp. (CCC) will use the proceeds from the issue to pay certain debt obligations and to finance its expansion plans.
CCC, which operates the Toledo mine in Cebu province, issued the notes with a tenor of five years and five days.
The notes, which were issued at the price of 98.95% of face value, will pay interest semi-annually at rate of 6.5% and will carry a yield to maturity of 6.75%.
BDO Capital & Investment Corp. and Credit Suisse Securities Ltd. acted as joint lead managers and bookrunners for the notes issue.