HudBay Mining $200 million seven-year notes talked to yield 9½% area, to price Friday

By Paul A. Harris

St. Louis, Dec. 9 - Price talk on HudBay Mining & Smelting Inc.'s $200 million offering of seven-year senior notes (B3/B) is the 9½% area, according to an informed source.

Pricing is expected on Friday.

Credit Suisse First Boston has the books for the Rule 144A/Regulation S offering. WestLB is the co-manager.

The notes will be non-callable for four years.

The notes will be guaranteed by a first lien on Hudson's properties and a second lien on accounts receivable and inventories.

Proceeds will be used to back the acquisition of Hudson Bay Mining & Smelting assets by Ontzinc Corp. from Anglo American International for approximately $325 million.

The issuer is a financing subsidiary of Winnipeg, Manitoba-based zinc mining company Hudson Bay Mining & Smelting Inc.

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