KELASTAMBANG: Nickel Industries Limited has successfully completed a US$800 million senior unsecured notes issuance at a 9.0% coupon, maturing in 2030, the company announced on 25 September 2025 in a filing to the Australian Securities Exchange (ASX). The move aims to refinance existing liabilities and strengthen its capital structure amid ongoing expansion efforts.
The proceeds from the bond issuance will be partially used to repurchase the company’s 11.25% senior unsecured notes maturing in October 2028, via a concurrent tender offer open until 29 September 2025. Remaining funds will help repay amortising bank loans, replacing them with non-amortising debt to eliminate US$88 million in annual note amortisation.
The new notes—rated B1 by Moody’s and B+ by Fitch—will be listed on the Singapore Exchange (SGX-ST) and are distributed under Rule 144A/Regulation S, with settlement scheduled for 30 September 2025.
“We are very pleased to have completed this bond issuance, which marks a significant milestone for Nickel Industries. The transaction extends our debt maturities, reduces our cost of debt, repays our existing amortising notes and a portion of our existing amortising bank loans with new non-amortising notes, removing US$88 million in annual note amortization,” Managing Director Justin Werner said.
Werner added that the issuance received strong backing from global investors, particularly in North America and Europe, highlighting “the growing international recognition of our business and long-term strategy.”
The refinancing underscores Nickel Industries’ continued efforts to optimise its capital structure in support of long-term operational growth, amid heightened investor interest in energy transition metals such as nickel.