Alumina to raise $300 mln in convertible bonds
SYDNEY, May 13 (Reuters) - Australia's Alumina Ltd (AWC.AX: Quote, Profile, Research, Stock Buzz) said on Tuesday it has launched an offer to raise about $300 million in convertible bonds, with the proceeds to be used to repay debt and fund investment in existing growth projects.
Shares in Alumina, a 40 percent partner in the Alcoa World Alumina and Chemicals (AWAC) joint venture in which Alcoa (AA.N: Quote, Profile, Research, Stock Buzz) holds 60 percent, were placed on trading halt earlier on Tuesday pending an announcement on the raising. (Reporting by James Thornhill)
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