SAN FRANCISCO - BankAmerica Corp.'s Bank of America unit said it recently acted as financial adviser and placement agent for $160 million of senior note private placements financing for QRL Finance Ltd., a unit of QCT Resources Ltd.
In a press release, the company said it was QCT Resources' first issuance of long-term debt in the U.S. market and the first U.S. bond placement to be arranged for an Australian company by Bank of America.
The company said the offering was oversubscribed and the issue size was increased from $100 million to $160 million.
The issue was divided into two tranches - with final maturities of eight and 12 years, respectively.
The company said that QCT Resources fully guaranteed the notes and that QRL Finance will use proceeds from the issue to repay existing debt.