Ferro-Alloy Resources Ltd (LSE:FAR) has launched a US$20 million bond funding that’s expected to comprise multiple tranches, starting with an initial US$3 million.
Bonds issued in the first tranche will mature in July 2026, and will carry a 9% coupon with interest paid twice yearly (in the months of January and July).
"The programme will provide the company with the opportunity to replace the bonds that were repaid in March 2023, and provide the flexibility to make further bond issuances to finance the acceleration of the company's development as required in the future,” Ferro-Alloy chief executive Nick Bridgen said in a note.