VANCOUVER (miningweekly.com) – Canadian base metals producer HudBay Minerals has priced its offering of $1-billion of senior notes, which will be issued in two series, the company said on Thursday.
These will comprise a series of 7.25% senior notes due in 2023 for $400-million and a series of 7.625% senior notes due in 2025 for $600-million.
The new notes will be issued at 100% of their principal amount, providing the company with gross proceeds of $1-billion. The offering is expected to close on December 12, subject to customary closing conditions.
Hudbay plans to use the net proceeds from the offering to fund the company's offer to buy for cash all its outstanding $920-million total principal amount of 9.5% senior notes due in 2020; to fund the redemption or satisfaction and discharge of any existing notes that remain outstanding following consummation of the tender offer; and for general corporate purposes.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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