WASHINGTON(Scrap Monster): Canadian miner Hudbay Mineral's offered $400 million in notes for copper mine development. This was to raise funds for the ongoing development of the Canadian miner Hudbay Mineral's Lalor copper-gold project and Reed copper project in Manitoba and its Peru-based Constantia copper project.
The notes of $400 million are in senior unsecured notes due 2020. The funds would also be applied to general corporate purposes.
The notes are not registered with the US Securities and Exchange Commission or under the securities laws of any other jurisdiction. So the offering is limited to certain parties and they are not qualified by a prospectus in Canada.
The notes can be offered only in the US to "qualified institutional buyers" and outside the US, only to non-US persons in compliance with Regulation S under the Securities Act.
Hudbay is expected to enter into a registration rights agreement under which the company will agree to offer to exchange the notes for identical new notes registered under the Securities Act or, under certain circumstances, to cause a shelf registration statement providing for the resale of the notes to become effective.
The first full year of production from Lalor production is expected in 2015, it produced its first ore earlier this year. First production from Reed, located in Manitoba's Flin Flon Greenstone Belt, is expected in late 2013.
Initial production from Constancia is expected by Hudbay in late 2014 and full production in Q2 2015.
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