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Largo Resources launches US$150M note offering to cut debt

Brazil-focused vanadium producer Largo Resources Ltd. said May 17 that it launched a US$150 million private note offering to repay its existing debts.

The notes carry a 9.25% coupon, are due in 2021 and are callable in the second and third years.

Net proceeds from the offering, along with cash on hand, will be used to repay in full Largo's debts with both the Brazilian National Economic and Social Development Bank and its syndicate of commercial lenders, plus accrued and unpaid interest.

The offering is expected to close by May 22.

In April, Largo unveiled a US$15.5 million expansion plan that would increase production capacity at its Maracas Menchen vanadium mine in Brazil by 25%, from the current nameplate capacity of about 800 tonnes of vanadium pentoxide per month to 1,000 tonnes from June 2019.