Published on 2/13/2020 in the Prospect News High Yield Daily.
New Issue: Hecla Mining prices $475 million eight-year notes at par to yield 7¼%
By Paul A. Harris
Portland, Ore., Feb. 13 – Hecla Mining Co. priced a $475 million issue of eight-year senior notes (Caa1/B) at par to yield 7¼% on Thursday, according to market sources.
Early guidance was 7½% to 7¾%.
J.P. Morgan Securities LLC was the bookrunner.
The Coeur d’Alene, Idaho-based silver producer plans to use the proceeds, together with cash on hand, to redeem all of its outstanding 6 7/8% senior notes due 2021.
| Issuer: | Hecla Mining Co.
|
| Amount: | $475 million
|
| Maturity: | Feb. 15, 2028
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Co-managers: | CIBC World Markets Corp., ING Financial Markets LLC, Scotia Capital (USA) Inc., B. Riley FBR, Inc., BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC, H.C. Wainwright & Co., LLC and Roth Capital Partners, LLC
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 570 bps
|
| Call protection: | Three years
|
| Trade date: | Feb. 13
|
| Settlement date: | Feb. 19
|
| Ratings: | Moody's: Caa1
|
| S&P: B
|
| Distribution: | SEC registered
|
| Marketing: | Roadshow
|
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