Mirabela prices US$395 million senior unsecured notes offering

PERTH, Australia, April 7 /CNW/ - Mirabela Nickel Limited ("Mirabela") (ASX: MBN) (TSX: MNB) has today priced an offering of US$395 million of 8.75% senior unsecured notes due 2018 (the "Notes") in the international and United States Rule 144A debt capital markets, which was increased from the previously announced expected offering of US$375 million. The Notes will be issued by Mirabela and will be guaranteed by Mirabela Investments Pty Limited and Mirabela Mineração do Brasil Ltda. The settlement of the offering of the Notes is expected to occur in New York on 14 April 2011, and is subject to customary closing conditions.

The net proceeds from the offering will be deposited into an escrow account pending the satisfaction of certain conditions relating to the completion of the refinancing of Mirabela's existing indebtedness and hedging arrangements prior to 29 April 2011 (or a later date if permitted by the counterparties under the existing indebtedness and hedging arrangements, but not later than 15 June 2011).

Upon release of the net proceeds from escrow, they will be used to pay down Mirabela's senior and subordinated debt facilities, to make prepayments in connection with the termination of certain commodity call options, interest rate hedging and foreign exchange hedging, to provide further general working capital and for general corporate purposes.

This announcement is neither an offer to sell, nor a solicitation to buy, the securities referenced above and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

The securities referenced above have not been, and will not be, registered under the Securities Act of 1933, as amended, or under any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

SOURCE Mirabela Nickel Ltd.

For further information:

Bill Bent
Vice President, Business Development
Mirabela Nickel Limited
Telephone: +61 433 790 070
Alex Buck
Telephone: +44 7932 740 452


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Mirabela Nickel Ltd.

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