Brightstar completes $120m bond to fund Goldfields development
ASX-listed Brightstar Resources has completed a fully subscribed $120-million senior secured Nordic bond issue, locking in funding to develop its Goldfields project in Western Australia and advance the Sandstone project towards a final investment decision (FID).
The company said on Wednesday that strong investor demand from international institutional and natural resource specialist funds had resulted in the bond being fully taken up, with gross proceeds of $120-million.
Combined with a recently completed A$193-million equity raising and share purchase plan, Brightstar now has a fully funded development pathway for the Goldfields project through to first production, while also establishing a substantial budget to progress the Sandstone project through prefeasibility, definitive feasibility and FID, targeted for late 2027 or early 2028.
Site development and construction activities at Goldfields are expected to begin early in the June quarter of 2026, subject to final approvals, with first gold scheduled for the June quarter of 2027.
“This debt financing further strengthens our balance sheet, provides funding certainty and materially derisks the delivery of Goldfields Hub’s imminent development whilst enabling continued exploration growth across the portfolio.
“Securing this debt on attractive and flexible terms underwrites our development plan and provides a clear pathway to sustainable free cash flow generation. In parallel, we will continue advancing the Sandstone project, with an enlarged growth budget, through to FID, positioning Brightstar for a period of sustained production growth," commented MD Alex Rovira.
The four-year bond carries a 12.5% a year coupon and matures in March 2030. It includes an initial 18-month interest-only period, followed by quarterly amortisation and a 20% bullet repayment at maturity.
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