New Issue: Inmet Mining prices $500 million 8.5-year notes at par to yield 7½%

By Paul A. Harris

Portland, Ore., Dec. 13 - Inmet Mining Corp. priced a $500 million issue of 8.5-year senior notes (B1/B+/) at par to yield 7½%, according to a syndicate source.

The yield printed at the tight end of yield talk set in the 7 5/8%.

Global coordinator and joint bookrunner Credit Suisse Securities (USA) LLC will bill and deliver. J.P. Morgan Securities LLC was also a global coordinator and joint bookrunner.

The Toronto-based copper and zinc mining company plans to use the proceeds to fund capital expenditures in connection with its Cobre Panama project and for general corporate purposes.

Issuer:	Inmet Mining Corp.
Amount:	$500 million
Maturity:	June 1, 2021
Securities:	Senior notes
Global coordinators, bookrunners:	Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	610 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Dec. 1, 2016 then callable at 103.75, 101.875, par on and after Dec. 1, 2018
Change-of-control put:	101%
Equity clawback:	35% at 107.5 until Dec. 1, 2015
Trade date:	Dec. 13
Settlement date:	Dec. 18
Ratings:	Moody's: B1
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	7 5/8% area
Marketing:	Quick to market

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