Thompson Creek repurchased $30 million of bonds in fourth quarter

By Lisa Kerner

Charlotte, N.C., Jan. 20 – Thompson Creek Metals Co. Inc. president and chief executive officer Jacques Perron said addressing debt will be a top priority for the company in 2015.

“We will look to be opportunistic, as evidenced by our recent open market repurchases,while carefully managing our cash needs,” Perron said.

During the fourth quarter of 2014, the company’s board approved up to $30 million of cash for open market bond repurchases.

From December 2014 through the first week of January 2015, Thompson Creek repurchased and retired $17 million of the 12˝% senior unsecured notes due May 1, 2019, for an average purchase price of 99% of par.

The company also repurchased and retired $15.9 million of the 7 3/8% senior unsecured notes due June 1, 2018, at an average purchase price of 82.6% of par.

Total cash used was about $30 million, and the company achieved a $2.9 million discount on the principal and reduced future interest payments by $13.3 million, according to a news release.

The company announced its fourth-quarter and full-year 2014 production and sales results on Tuesday.

Perron said the company “achieved strong operating performance in 2014.” Thompson met its copper and total molybdenum production guidance and came within about 4% of gold production guidance.

Thompson Creek is a mining company based in Littleton, Colo.

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