Baffinland Iron Mines completes US $350M offering

Baffinland Iron Mines Corporation has closed previously announced offering of new 5 year Senior Secured Notes, co-issued by Baffinland Iron Mines LP, for US $350 million. Foreign investors subscribed over the 90% of the offering.

Goldman, Sachs & Co. acted as lead agent for the offering. Osler, Hoskin & Harcourt LLP acted as legal counsel to Canadian offering.

Baffinland Iron Mines intends to use proceeds to repay in full its existing senior secured credit facility and for working capital and other general corporate purposes.

Baffinland is focused on the exploration and development of the Mary River Property, located in the Qikiqtani Region of Nunavut on Baffin Island. This iron ore project involves the construction and development of an open pit mine. The Mary River Project consists of nine high-grade lump and fine iron ore deposits that can be mined, crushed and screened and then shipped directly to markets.

Baffinland is owned 50% by ArcelorMittal and 50% by Iron Ore Holdings (IOH), with ArcelorMittal remaining as Project operator.

photo credit: Steven Lewis via unsplash

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal,,, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's, Canada's most sophisticated and advanced all private capital and public market financing database.