The Mineral Resources Limited (ASX: MIN) share price is storming higher today.
This comes after the mining services company announced an update to its unsecured senior notes offer.
At the time of writing, the Mineral Resources share price is up 4.79% to $58.15.
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Mineral Resources bolsters its notes offer
According to its release, Mineral Resources advised the pricing and upsizing of its US$1.25 billion unsecured notes offer.
As previously stated, the notes will be offered across two tranches to persons believed to be qualified institutional buyers.
It appears investors are viewing the release as a positive one, sending the Mineral Resources share price higher.
The first offer comprises US$625 million senior unsecured notes priced at 8% per annum, maturing in 2027. The interest is payable on 1 May and 1 November each year, commencing in November 2022.
The second tranche of US$625 million senior unsecured notes will be priced at 8.5% per annum, expiring in 2030. These will also have the same payable interest dates as above, commencing in November 2022.
Originally, the proposed notes offering was placed at US$1 billion.
Mineral Resources stated that it intends to use the cash proceeds for general corporate purposes, including capital expenditures.
The settlement of the offering of the notes is expected to occur on 2 May 2022, subject to customary closing conditions.
Mineral Resources share price snapshot
Despite being down 5% for the week, Mineral Resources shares have gained almost 20% since this time last month.
When looking further back, its shares are up 26% over the past 12 months.
On valuation grounds, Mineral Resources presides a market capitalisation of roughly $11 billion, with approximately 189.2 million shares outstanding.
