PLS Group (ASX:PLS) has closed a US$700 million ($996 million) notes offering ahead of planned expansion and infrastructure spending at the Pilgangoora Operation in Western Australia.
The company completed the issue of 8% senior notes due 2032, marking its second issuance in the US debt capital markets after announcing the offering on 20 October 2026.
Net proceeds are earmarked for general corporate purposes, including capex and growth opportunities. PLS plans to invest about $1.9 billion in the P2000 Project to double production capacity at Pilgangoora, alongside $600–650 million dedicated to infrastructure enhancements.
Managing Director Dale Henderson says the offering reflects a PLS’ ‘proactive’ approach to capital management.
“The successful completion of our second US bond offering […] further [diversifies] PLS’ debt maturity profile through additional long-term funding ahead of a period of significant capital investment,” Henderson says.
“The offering follows the final investment decision for P2000 and reflects supportive conditions in the debt capital markets.
“The additional liquidity and financial flexibility preserve our capacity to pursue disciplined growth options while retaining the ability to consider other value-accretive opportunities through market cycles.”
The notes are not registered under the US Securities Act of 1933 or Australian securities laws and were offered via a private offering memorandum.
PLS Group is a global lithium producer and mining company with projects in Western Australia, Brazil, and South Korea.
Write to Paula Fabe at Mining.com.au
Main image: PLS Group
