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Hudbay Minerals Announces Pricing for Upsized US$600 Million Aggregate Principal Amount of Senior Notes and Redemption of its Outstanding 7.250% Senior Notes due 2023
TORONTO, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today announced that it has priced an upsized offer
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today announced that it has priced an upsized offering of US$600 million aggregate principal amount of 6.125% senior notes due 2029 (the “New Notes”). The size of the offering was increased from the previously announced US$500 million aggregate principal amount. The New Notes will be issued at 100% of their principal amount, providing the company with gross proceeds of US$600 million. The New Notes offering is expected to close on September 23, 2020, subject to customary closing conditions. Hudbay plans to use the net proceeds from the offering to fund the company’s redemption of all of its outstanding US$400 million aggregate principal amount of 7.250% senior notes due 2023 (the “2023 Notes”), pay any related premium, costs and expenses and for general corporate purposes. Hudbay also announced today the redemption of all of the 2023 Notes on the terms and subject to the conditions set forth in the redemption notice dated September 9, 2020. The redemption is conditioned upon the successful closing of the offering of the New Notes, contemporaneous with or prior to the redemption date. The New Notes will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The New Notes will not be qualified by a prospectus in Canada. Unless they are registered or qualified by a prospectus, the New Notes may be offered only in transactions that are exempt from registration under the Securities Act, prospectus qualification under Canadian securities laws or the securities laws of any other jurisdiction. In the United States, the New Notes will be offered, and sold, only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. This press release is neither an offer to sell nor the solicitation of an offer to buy the New Notes, the 2023 Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the New Notes, the 2023 Notes or any other securities in any jurisdiction in which such offer, solicitation or sal...