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Lundin Mining Closes $1 Billion Offering of Senior Secured Notes
- Client News
- October 27, 2014
Paul, Weiss client Lundin Mining Corporation, a Canadian base metals mining company, closed an offering of $1 billion of senior secured notes in two tranches: $550 million of 7.5% senior secured notes due 2020 and $450 million of 7.875% senior secured notes due 2022. The offering was made pursuant to Rule 144A and outside the United States pursuant to Regulation S. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Scotia Capital (USA) Inc. acted as joint bookrunning managers for the offering. The net proceeds from the offering, along with proceeds from a Cdn$674 million equity financing and the sale of a stream on Candelaria's and Ojos del Salado's gold and silver production, will be used to fund the company's acquisition of Freeport-McMoRan Inc.'s 80 percent ownership stake in the Candelaria and Ojos del Salado copper mining operations in Chile.