Miner Petropovlovsk raises $330m from convertible
London listed gold and iron ore miner Petropovlovsk, formerly Peter Hambro Mining, has raised $330m from the sale of a convertible bond on Friday (January 22). A $50m over allotment option can take the offer to $380m.
The bonds have a maturity of five years and upon redemption they increase Petropovlovsks share capital by up to 10%. Shareholders are asked to approve the issue of new shares on February 10.
The coupon was set at 4%, while the conversion premium came in mid-range at 32.5%
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