HudBay Minerals tenders for all its 9½% senior notes due 2020

New York, Nov. 28 – HudBay Minerals Inc. said it has begun a tender offer to purchase all its $920 million of 9½% senior notes due 2020.

The company is also soliciting consents to amend the terms of the notes to reduce the minimum notice period required for redemptions to three days from 30 days.

HudBay is offering $1,052.50 per $1,000 principal amount for the notes.

The total includes an early tender premium of $30.00 per $1,000 principal amount that will only be paid to holders who tender by the early tender deadline of 5 p.m. ET on Dec. 9.

After that time, the payment will be $1,022.50 per $1,000 principal amount.

The tender ends at midnight ET on Dec. 24.

The consent solicitation ends on the early tender deadline.

Holders who tender by the early tender deadline will be deemed to have delivered consents.

The tender is subject to conditions including the receipt of consents from holders of a majority of the notes and completion of an offering of $1 billion of new senior notes due 2023 and 2025 that was announced on Monday.

Proceeds from the new notes will be used to fund the tender offer and to redeem any notes left outstanding after the tender is completed.

HudBay is a Toronto-based mining company focused on copper concentrate, which includes copper, gold and silver, and zinc.

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