Hecla Mining talks $400 million eight-year notes at 6 7/8%-7 1/8%

By Paul A. Harris

Portland, Ore., April 8 - Hecla Mining Co. talked its $400 million offering of eight-year senior notes (B2) to yield 6 7/8% to 7 1/8%, a syndicate source said on Monday.

The books close at 10 a.m. ET on Tuesday, and the deal is set to price thereafter.

BofA Merrill Lynch and Scotia Capital are the joint bookrunners. ING is the co-manager.

The Rule 144A with registration rights notes come with three years of call protection and feature a 101% poison put.

The credit ratings agencies are expected to assign mid-single B ratings to the notes.

Upon release from escrow, the proceeds will be used to pay the cash portion of the Aurizon Mines Ltd. acquisition and for general corporate purposes.

The prospective issuer is a Coeur d'Alene, Idaho-based producer of silver and other precious metals.

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