Thompson Creek restructures $350 million notes offering, sets talk

By Paul A. Harris

Portland, Ore., Nov. 15 - Thompson Creek Metals Co. Inc. has restructured its $350 million offering of senior secured first-priority notes (B1/B), according to an informed source.

The maturity of the notes is decreased to five years from 5.25 years. Call protection is increased to three years from 2.25 years, and the first call premium is decreased to par plus 50% of the coupon from 75% of the coupon. In addition the 35% equity clawback coverage is extended to three years from 2.25 years.

The notes are talked to yield 9¾% to 10% with approximately 1 point of original issue discount.

Books close at 10 a.m. ET on Friday, and the deal is set to price thereafter.

Deutsche Bank Securities Inc. has the books for the deal, which is registered with the Securities and Exchange Commission.

RBC Capital Markets is the senior co-manager.

SG CIB, Standard Chartered Bank and UBS Investment Bank are the co-managers.

The diversified North American mining company plans to use the proceeds to replace and terminate its existing revolver, to fully fund the remainder of the capital expenditures at the Mt. Milligan copper and gold mine and for general corporate purposes.

Thompson Creek Metals is based in Vancouver, B.C., and Littleton, Colo.

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