NIC raised US$225 million debt capital for the Oracle Nickel Project acquisition

Nickel Industries Limited (ASX: NIC) announced that it had executed the binding agreements for the issuance of US$225 million of senior secured notes at an interest rate of 10.0%, which is maturing in August 2025. The secured notes will be amortised in seven US$25 million installments on coupon payment dates falling on months 15, 18, 21, 24, 27, 30, and 33, with a final US$50 million payment due in August 2025.

The funds raised from the secured notes and the companys cash reserves, and future earnings from previous operations will be used towards the remaining payment obligations for the Oracle Nickel Project. The company is anticipated to complete the issuance of the notes in August 2022, which makes the company well positioned to complete the purchase and ramp-up of Oracle Nickel.

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