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Fitch rates Hochschild notes BB+(EXP)
Fitch Ratings said it assigned an initial long-term foreign currency issuer default rating and an initial long-term local currency issuer default rating of BB+ to Hochschild Mining plc.
The agency also assigned a BB+(EXP) rating to Hochschild's proposed senior unsecured notes of up to $350 million due 2020/2023. The senior unsecured notes will be issued through the company's 100% owned subsidiary in Peru, Compania Minera Ares SAC.
The unsecured notes will be fully and unconditionally guaranteed, jointly and severally, by Hochschild and its subsidiaries Minera Suyamarca SAC, Hochschild Mining (Argentina) Corp. SA, Hochschild Mining plc and Minas Santa Maria de Moris, SA de CV.
Proceeds from the proposed notes will be used to finance the planned $280 million acquisition ($271 million in cash) of the 40% stake in Minera Suyamarca in Peru that is currently owned by International Minerals Corp. of Canada, taking Hochschild's ownership in this subsidiary to 100%.
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