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…
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