Paladin Energy Ltd. , Australia’s second-biggest uranium miner, has gone to market to raise as much as $275-million (U.S.) in a convertible bond issue, the latest sign of confidence returning to the global uranium industry after a disaster in Japan a year ago.
Paladin, listed in Australia and Toronto, said on Sunday it launched an offering of $225-million (U.S) of senior, unsecured convertible bonds, with an option to upsize to some $275-million.
The deal, led by Barclays Bank and Royal Bank of Canada, will go toward refinancing previously issued debt and comes amid new confidence in the long-term outlook for uranium after a tsunami forced Japan to shut down more than 50 nuclear reactors a year ago.
Paladin has projects in Australia and two operating mines in Africa.
In Canada, Paladin controls the Michelin deposit located in Labrador, where the Nunatsiavut government recently lifted a four-year moratorium on uranium mining, leasing uncertainty about future exploration and development of uranium projects in the area.