Hudbay Minerals driving by with $600 million five-year notes; initial talk high 4% area to 5%

By Paul A. Harris

Portland, Ore., Feb. 22 – Hudbay Minerals Inc. plans to price a $600 million offering of five-year senior notes (existing ratings B3/B/B+) in a Monday drive-by following a mid-morning conference call with investors, according to market sources.

Initial talk has the deal coming to yield in the high 4% area to 5%, a trader said.

Barclays is the lead bookrunner. JPMorgan, CIBC, ING, Scotia, BMO, NBC, RBC and TD are the joint bookrunners.

BofA, Citigroup, Canaccord, Stifel and HAY are the co-managers.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The Toronto-based mining company plans to use the proceeds to redeem its senior notes due 2025.

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