Hudbay Minerals announces redemption of remaining Copper Mountain bonds

Hudbay Minerals announced that its wholly owned subsidiary, Copper Mountain Mining ULC has exercised the redemption option on its senior secured 8% notes. Copper Mountain will redeem the remaining $54.7 million principal amount outstanding of Copper Mountain Bonds on or about November 30, 2023 at a call price equal to 104% of the principal amount being redeemed, plus accrued and unpaid interest to the date of redemption, as prescribed by the bond terms governing the Copper Mountain Bonds. The Copper Mountain Bonds would otherwise mature on April 9, 2026. Hudbay intends to utilize its senior secured revolving credit facility to fund the redemption of the Copper Mountain Bonds. Doing so will further enhance Hudbay’s financial flexibility by improving the company’s ability to deleverage and repay debt sooner than the 2026 maturity date of the Copper Mountain Bonds.