Hecla Mining cites unattractive terms as it pulls $500 million notes

By Paul A. Harris

Portland, Ore., June 30 – Hecla Mining Co. announced on Friday that it has decided not to proceed with its $500 million offering of eight-year senior notes as current terms and conditions were not sufficiently attractive for the company to move forward.

BofA Merrill Lynch, ING and Scotia Capital were the leads.

The deal had been whispered in the market in the high 5% to 6% area, an investor said.

The Coeur d’Alene, Idaho-based silver producer had planned to use the proceeds, together with cash on hand, to fund a concurrent tender offer for its outstanding $506.5 million of 6 7/8% senior notes due 2021.

At the same time that Hecla Mining withdrew the bond deal it also terminated the tender offer.

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