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Sirius Minerals to launch US$500 million bond issue to fund polyhalite fertilizer mine

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World Fertilizer,

Sirius Minerals has announced an intention to offer US$500 million in aggregate principal amount of senior secured notes due 2027 as part of the Group's previously announced Stage 2 Financing.

The Notes will be issued by York Potash Intermediate Holdings, a public limited company incorporated under the laws of England and Wales and an indirect, wholly owned subsidiary of the company.

The proceeds of the offering will be used, together with proceeds from the other elements of the Stage 2 Financing, to fund the construction and development of a polyhalite mine, located in North Yorkshire in the UK in line with Project milestones to the point at which the Project generates positive operating cash flows.

The Notes will be senior secured obligations of the Issuer and will rank pari passu in right of payment to all of the Issuer's existing and future senior indebtedness. The Notes will initially be guaranteed on a senior secured basis by York Potash Holdings Limited, the direct parent of the Issuer, and York Potash Ltd. and York Potash Processing & Ports Limited, subsidiaries of the Issuer, and on a senior unsecured basis by the Company. The proceeds of the Notes will initially be deposited into an escrow account, with the release of the proceeds from escrow subject to the satisfaction of certain conditions.

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