Sirius Minerals launches $3.8 billion financing to fund Yorkshire project

(Reuters) - Sirius Minerals on Tuesday launched a $3.8 billion (£2.94 billion) financing to fund the development of its North Yorkshire polyhalite project in the United Kingdom.

"The funding package will bring together equity, convertible bonds, high-yield debt, and a $2.5 billion revolving credit facility," said Chief Executive Officer Chris Fraser.

Polyhalite is a unique mineral salt which can be used as a fertiliser and has other potential industrial applications.

The financing will consist of the credit facility, a $400 million equity raise, a $644 million convertible bond issue and a $500 million senior secured bond issue.

(Reporting by Devika Syamnath in Bengaluru; Editing by Subhranshu Sahu)