Published on 2/22/2021 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Hudbay Minerals sells $600 million five-year notes at par to yield 4½%
By Paul A. Harris
Portland, Ore., Feb. 22 – Hudbay Minerals Inc. priced a $600 million issue of five-year senior notes (B3/B/B+) at par to yield 4½% in a Monday drive-by, according to market sources.
The yield printed at the tight end of the 4½% to 4¾% yield talk. Initial guidance was in the high 4% area to 5%.
Barclays is the lead bookrunner. Joint bookrunners are JPMorgan, CIBC, ING, Scotia, BMO, NBC, RBC and TD.
The Toronto-based mining company plans to use the proceeds to redeem its senior notes due 2025.
| Issuer: | Hudbay Minerals Inc.
|
| Amount: | $600 million
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| Maturity: | April 1, 2026
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| Securities: | Senior notes
|
| Lead bookrunner: | Barclays
|
| Joint bookrunners: | JPMorgan, CIBC, ING, Scotia, BMO, NBC, RBC and TD
|
| Co-managers: | BofA, Citigroup, Canaccord, Stifel and Haywood
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 386 bps
|
| Call protection: | Two years
|
| Trade date: | Feb. 22
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| Settlement date: | March 8
|
| Ratings: | Moody’s: B3
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| S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4½% to 4¾%
|
| Marketing: | Drive-by
|
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