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The Onagawa Nuclear Power Plant in Japan is seen in this Sept. 7, 2011 aerial photo. (ISSEI KATO/REUTERS)
The Onagawa Nuclear Power Plant in Japan is seen in this Sept. 7, 2011 aerial photo. (ISSEI KATO/REUTERS)

Paladin seeks to raise $275-million Add to ...

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.

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