Australia's Paladin to raise $225 mln in bond sale

MELBOURNE, April 23 Sun Apr 22, 2012 7:54pm EDT

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MELBOURNE, April 23 (Reuters) - Australian uranium miner Paladin Energy launched a convertible bond sale on Monday to raise up to $275 million to help fund a buyback of its bonds due in March 2013 and to fund growth opportunities, it said.

Paladin, which mines uranium in Namibia and has a new mine opening in Malawi, said it was looking to raise at least $225 million with an option to increase the sale to $275 million, with the convertible bonds due in 2017.

(Reporting by Sonali Paul; Editing by John Mair)