Mirabela Nickel Seeks $375m

Mirabela Nickel, an Australia-based owner of a nickel mine in Brazil, is setting out to raise $375m from a 2018 NC4 bond sale. The deal is roadshowing in the US through Tuesday, with a deal expected to follow, marketed to both high-yield and EM investors. Mirabela plans to use proceeds to pay down debt, to make prepayments in connection with the termination of commodity call options, interest rate hedging and foreign exchange hedging, and to provide further general working capital and for general corporate purposes, Mirabela says. Barclays and JPMorgan are managing the sale. Mirabela’s lone asset is the Santa Rita open-pit nickel mine in the Brazilian state of Bahia.