Mexican manganese and ferroalloys producer Minera Autlan asked the country’s stock exchange, Bolsa Mexicana de Valores (BMV), to issue up to MXN 2 billion ($93.6 million) in debt certificates as a way to raise money to cover the company’s investment and maintenance costs.
The company expects to raise as much as MXN 1.5 billion with investors, but could later issue new debt certificates until it raises the money it needs.
A media report noted the company’s first debt issuance will have a five-year timeline and will pay a variable interest rate. Minera Autlan expects to make the debt issuance this month.
Credit rating agency Verum gave a stable perspective for the operation by saying the cash flow Minera Autlan would generate is “stable and safe.”