Australian coal producerTerraCom (ASX:TER)has rolled out a A$63 million (about $44m) restructuring plan, consisting of a A$35-million capital raise and a $20-million convertible bond to support its growth ambitions.
The company, which has two operating mines in Queensland and Mongolia, is launching a fully underwritten entitlement offer priced at 58c per share to raise an initial A$35 million.
TerraCom has also locked in a US$20m convertible bond deal with shareholder and investment managerOCP Asia.
Both efforts will see TerraComs interest costs eventually reduced by around $16 million every year.
TerraCom has also locked in a $20m convertible bond deal with shareholder and investment managerOCP Asia
Petra Capital is acting …
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