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Coal miner TerraCom Resources has rolled out a $63 million restructuring plan that will support its growth ambitions.
TerraCom is launching a fully underwritten offer that will firstly fetch around $35 million.
The company has furthered its restructuring effort by agreeing to a $US20 million ($28 million) convertible bond with shareholder and investment manager OCP Asia.
Both efforts will see TerraComs interest costs eventually reduced by around $16 million every year.
TerraComs existing shareholders (and sub-underwrites) Bonython Coal No 1, Noble Resources International and Mistlake have backed the entitlement offer.
The funds raised will significantly reduce the companys cost of debt and provide vital lev…
Read the full article at: https://www.australianmining.com.au/news/terracom-to-expand-operations-through-63m-restructuring/