Hecla scraps tender for 6 7/8% notes due 2021 after ending new issue

By Susanna Moon

Chicago, June 30 – Hecla Mining Co. said it has decided to terminate the cash tender offer for its $506.5 million of 6 7/8% senior notes due 2021, which had been set to run until 5 p.m. ET on July 6.

As announced June 28, the offer contained a financing condition.

Hecla also decided “not to proceed with its previously announced offer of $500 million of senior notes due 2025, as current terms and conditions were not sufficiently attractive for the company to move forward,” according to a company update on Friday.

The company was tendering for the notes at $1,038.13 per $1,000 principal amount plus accrued interest up to but excluding the settlement date of July 7.

BofA Merrill Lynch (980 387-5602 and 888 292-0070) is the dealer manager. Global Bondholder Services Corp. (866 807-2200 or contact@gbsc-usa.com) is the information agent and tender agent.

Hecla is a Coeur d’Alene, Idaho-based silver producer with operating mines in Alaska, Idaho and Mexico and is a growing gold producer with an operating mine in Quebec.

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