Hudson Bay Mining & Smelting to price $200 million seven-year notes next week

By Paul A. Harris

St. Louis, Nov. 30 - HudBay Mining & Smelting Inc., a subsidiary of Hudson Bay Mining & Smelting Inc., will start a roadshow Wednesday for a $200 million offering of seven-year senior notes (B3/B), according to an informed source.

The offering is expected to price during the week of Dec. 6.

Credit Suisse First Boston has the books for the Rule 144A/Regulation S offering. WestLB is the co-manager.

The notes will be non-callable for four years.

The notes will be guaranteed by a first lien on Hudson's properties and a second lien on accounts receivable and inventories.

Proceeds will be used to back the acquisition of Hudson Bay Mining & Smelting assets by Ontzinc Corp. from Anglo American International for about $325 million.

The zinc-mining company is based in Winnipeg, Manitoba.

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