PLS Group (ASX:PLS) has successfully priced a $600 million offering of 6.875% senior notes due 2031, increased from an initially planned $500 million, targeting qualified institutional buyers and offshore investors, according to a Thursday filing with the Australian bourse.

The notes are scheduled to settle in New York on April 22 and will carry a 6.875% semi-annual interest rate, with the first payment due on Nov. 1, per the filing.

The proceeds will be used partly to refinance AU$375 million drawn from its AU$1 billion revolving credit facility, with the balance directed toward general corporate purposes, the filing said.

The company will reduce the size of its revolving credit facility from AU$1 billion to AU$500 million, concurrently with the successful closing of the notes offering, the filing added.