South African diversified mining group Exxaro Resources said it has raised ZAR 1bn (USD 96.3mn) through the sale of two debut bond issues on the domestic market. The company sold a ZAR 480mn 3-year note with a 7.5% coupon and a ZAR 520mn 5-year note with a 7.75% coupon under its ZAR 5bn Domestic Medium Term Note Programme dated April 25, 2014. Demand was robust with orders worth ZAR 5.15bn placed. The bond proceeds will be used for general corporate purposes, helping the company diversify its funding sources.
Exxaro Resources has interests in coal, mineral sands and iron ore mining. It has entered into partnership with Linc Energy to jointly pursue underground coal gasification as a commercial business to develop energy solutions in Sub-Saharan Africa.
http://www.4-traders.com/EXXARO-RESOURCES-LIMITED-1413382/news/Exxaro-Resources--raises-USD-96mn-via-debut-bond-sale-18467256/
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