Sirius Minerals bets on $500m bond to fertilise project

Sirius is trekking the globe marketing a $500m senior secured note that is key to unlocking a $2.5bn revolver and $400m in convertible bonds. The financing will be used for a gigantic fertiliser mine in Yorkshire, UK. The coupon for the bond is expected to hit the double digits, making it one of the highest yielding issues of the year.