Clarksons Securities act as Sole Manager for Pembroke to raise USD 550 million senior secured bonds
Clarksons Securities would like to congratulate Pembroke Resources Pty Ltd on the successful USD550 million of senior secured bonds (“the Bond”) in the Nordic Corporate Bond Market.
Pembroke owns the world-class Olive Downs Complex, a large-scale steelmaking coal mine located in Queensland's Bowen Basin. The net proceeds of the Bond will be used predominantly to refinance Pembroke’s existing debt facilities, and to support the next stage of the Olive Downs expansion.
Stage one of the complex currently produces six million tonnes run-of-mine, supplying tier-one steel mills across Southeast Asia and Europe with high-quality coking coal. The expansion will, once completed, double annual production capacity to twelve million tonnes run-of-mine.
Clarksons Securities acted as Sole Manager for the transaction with the offering attracting significant interest from credit investors globally and was substantially oversubscribed.
Commenting on the transaction, Hans-Arne Lorange, Clarksons Managing Director, Metals and Minerals says:
Clarksons Securities appreciates the trust granted by Pembroke Olives Downs for the second time in assisting and managing a Nordic bond to refinance stage one facilities and finance stage two expansion. The recent bond issue resulted from several years of close contact with Pembroke. The first Bond for the company was completed in 2021, with Clarksons acting as sole manager. That time, the issue helped the company close a funding gap that others could not. This paved the way for further close collaborations between Pembroke and Clarksons.
Working with a world-class asset managed by experienced and professional management is a pleasure. This time, prior to launch, Clarksons generated demand in excess of the deal size through a pre-sound with a carefully selected group of international investors. We generated strong demand following the launch, allowing the deal to be upsized and priced tighter than the initial price guidance. Furthermore, there has been a healthy aftermarket with several trades and pricing above the issue price.
Hans-Arne Lorange
Managing Director, Metals and MineralsBarry Tudor, Chairman and CEO of Pembroke Resources says:
We are very pleased with the successful completion of the USD550 million bond issuance with Clarksons Securities. This is the second Bond we have raised with them. Once again, their team demonstrated the highest level of professionalism and efficiency, delivering the Bond as promised.This marks another important milestone in our ongoing partnership, and we greatly value their expertise and commitment in supporting the Pembroke Resource growth strategy.
