Copper Mountain adopts proposals based on vote of bondholders

Chicago, Nov. 28 – Copper Mountain Mining Corp. announced that bondholders voted in favor of the proposals the company had put before them at a meeting, with the company obtaining 87.37% of the vote from a quorate meeting, according to an announcement.

The meeting was held on Nov. 25.

The meeting related to the company’s $250 million of 8% senior secured bonds due 2026 (ISIN: NO0010968415).

As background, the issuer is selling its EVA Project to Harmony Gold. The transaction is being accomplished by selling all the shares in the capital of Copper Mountain Mining Australia Pty Ltd.

The bondholders were asked to consent to the completion of the transaction and to release any of the Australian entities involved in the sale as guarantors on the notes.

Bondholders are receiving an amendment fee based on 0.25% of the nominal amount of the outstanding bonds, payable pro rata to the bondholders.

The company is also making a buyback offer for $87 million of the bonds at 103, utilizing the sale deposit. Initially, the offer was for up $75 million of the bonds, but this was modified in a subsequent announcement. Any contingent consideration will be used to make an offer to buy more bonds at 103.

Nordic Trustee AS is the trustee (+47 22 87 944 45, slagsvold@nordictrustee.com).

The financial adviser was Clarksons Securities AS (+447 92 42 64 37, +47 97 08 41 54).

Copper Mountain is a resource company based in Vancouver, B.C.

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