Top Stories for Mar. 4, 2024:
1. The alliance between the silicon metal and ferro alloys producer Ferroglobe PLC GSM and the solar technology leaderLONGi has come to fruition with a long-term silicon supply agreement effective from Jan. 1, 2024.
Signing off on a three-year deal, Ferroglobe commits to supplying LONGi with premium quartzite and metallurgical grade silicon to boost LONGi’s procurement from top Western silicon suppliers.
2. MP Materials Corp. MP divulges plans to offer $500 million in Convertible Senior Notes maturing in 2030 to qualified institutional buyers, with the option to acquire an additional $75 million in notes.
The notes, senior unsecured obligations, will bear interest biannually and are set to mature on March 1, 2030, unless converted, redeemed, or repurchased earlier.
The notes are convertible into cash, MP Materials’ common stock, or a blend of both, at the company’s discretion.
3. Cleveland-Cliffs Inc. CLF announces intentions to issue $750 million in senior unsecured guaranteed notes maturing in 2032, exempt from the Securities Act’s registration requirements.
These notes will be guaranteed on a senior unsecured basis by its major wholly-owned domestic subsidiaries, with specific exclusions.
The proceeds, combined with the available liquidity, aim to retire or redeem Cleveland-Cliffs’ existing 6.750% Senior Secured Notes expiring in 2026.
4. BHP Group Limited BHP secures non-binding agreements for all potash production in both phases of the Jansen mine under construction in Saskatchewan.
These agreements will be transitioned into firm offtakes within 12 to 18 months.
BHP’s CEO Ragnar Udd asserts that the company is not eyeing the dormant Cobre Panama copper mine from First Quantum Minerals FQVLF.
5. Newmont Corporation NEM and its subsidiary, Newcrest Finance Pty Limited, embark on a private offering of notes maturing in 2026 and 2034, backed by Newmont USA Limited.
The proceeds are primarily targeted to retire all outstanding debt under Newmont’s revolving credit facility, with any surplus allocated for general corporate expenses.
This strategic move follows Newmont’s use of its revolving credit facility and cash reserves to settle around $1.9 billion in bilateral credit debt arising from acquiring Newcrest Mining Limited.
The offering targets qualified institutional buyers and certain non-U.S. individuals as the notes are not registered under the Securities Act or state laws, precluding sales within the U.S. without registration or an exemption.
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