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In This List

Nyrstar eyes up to €150M from convertible debt offering

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Essential Metals & Mining Insights July 2020

Nyrstar eyes up to €150M from convertible debt offering

Nyrstar NVhas launched an offering of senior guaranteed unsecured convertible bonds worthup to €150 million, maturing 2022.

The offering consists of a base amount of up to €115 million,and an option to increase the offering by up to €35 million, the company said July6.

The net proceeds are intended to extend the company's debt maturityprofile and increase its financial flexibility and liquidity.

The bonds are expected to have a coupon of between 4.50% and5.00% per annum, payable semiannually. The conversionprice is expected to be set at a premium of between 27.00% and 35.00% of the volumeweighted average price of the company's ordinary shares on Euronext Brussels fromlaunch to pricing.

Closing and settlement of the offering is expected to take placeby July 11.

Credit Suisse Securities (Europe) Ltd.; Deutsche Bank AG, LondonBranch; and JP Morgan Securities plc are acting as joint book runners for the offering.

Additionally, Nyrstar said it expects to record additional impairmentcharges in its first-half financial statements as it continues to progress the of its mining assets.