Citigroup Circles Explosive $400M for Aussie Mining Firm Orica.

The article reports that the private placement business continues to look up in Australia. Citigroup Inc. circled an upsized $400 million private placement last week for Orica Ltd., the largest chemical company in Australia and New Zealand. The deal, upsized from an initial $250 million, received more than Australian $l billion (U.S. $772 million) in bids, which resulted in tighter margins than anticipated, several industry sources said. The deal for the Australian publicly listed firm featured mixed currencies.