{"id":128981,"date":"2019-08-06T15:40:06","date_gmt":"2019-08-06T15:40:06","guid":{"rendered":"https:\/\/www.bnreport.com\/sirius-minerals-suspends-500m-yorkshire-mine-financing-bond-sale\/"},"modified":"2019-08-06T15:40:06","modified_gmt":"2019-08-06T15:40:06","slug":"sirius-minerals-suspends-500m-yorkshire-mine-financing-bond-sale","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/sirius-minerals-suspends-500m-yorkshire-mine-financing-bond-sale\/","title":{"rendered":"Sirius Minerals suspends $500m Yorkshire mine financing bond sale"},"content":{"rendered":"

<\/p>\n

Sirius Minerals shares plummeted 25 per cent this morning as the FTSE 250 firm announced it had suspended a planned $500m (\u00a3411m) bond sale intended to finance a mine on the North York Moors.<\/p>\n

The offering was an important part of the companys financing package for the Polyhalite mining project.<\/p>\n

Read more: <\/strong>Sirius Minerals on course to finish fundraising in September<\/a><\/p>\n

Sirius gave very little detail to investors this morning as to why it had suspended the sale, only saying it was down to \u201ccurrent market conditions\u201d.<\/p>\n

The $500m sale is part of second stage financing for the North Yorkshire-based project. The financing also includes a $2.5bn credit facility, a $425m equity raise and a $507m convertible bond issue.<\/p>\n

Woodsmith mine<\/h2>\n

The mining company hopes to build a giant fertiliser project on the North York Moors, but could be hamstrung if it cannot sell bonds to pay for it.<\/p>\n

The project, called Woodsmith mine, is one of the largest civil construction jobs in the UK. It could provide employment for as many as 1,000 people when it is completed.<\/p>\n

Analysts at Liberum said the work onsite will continue, adding they expected Sirius to try again at the start of September.<\/p>\n

Polyhalite can be used as a fertiliser, but it is a largely untested product. Fitch Ratings last month signalled it expected to assign the bond issue a B rating, citing a number of risks around the project.<\/p>\n

Sirius intends to revisit the bond issue if market conditions improve.<\/p>\n

Deadline feels uncomfortably close<\/h2>\n

AJ Bell investment director Russ Mould said the move was \u201ca reflection of increasing investor nervousness across the board but also raises questions about the viability of its project in Yorkshire\u201d.<\/p>\n

\u201cThe company needs to get the fundraise away by the end of September, as that is a crucial term and condition of getting the additional $2.5bn in lending via a revolving credit facility that JP Morgan will initially provide, which in turn is vital to being able to build the mine.<\/p>\n

Read more: <\/strong>Read More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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