TMX, NYSE – HBM 2020 No. 17 Hudbay Announces Pricing for Upsized US$600 Million Aggregate Principal Amount of Senior Notes and Redemption of its Outstanding 7.250% Senior Notes due 2023
TMX, NYSE – HBM
2020 No. 17
Hudbay Announces Pricing for Upsized US$600 Million Aggregate Principal
Amount of Senior Notes and Redemption of its Outstanding 7.250% Senior Notes
due 2023
Toronto, Ontario, September 9, 2020 – Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM)
today announced that it has priced an upsized offering of US$600 million aggregate principal amount of 6.125%
senior notes due 2029 (the “New Notes”). The size o f the offering was increased from the previously announced
US$500 million aggregate principal amount. The New Notes will be issued at 100% of their principal amount,
providing the company with gross proceeds of US$600 million. The New Notes offering is ex pected to close on
September 23, 2020, subject to customary closing conditions. Hudbay plans to use the net proceeds from the offering
to fund the company’s redemption of all of its outstanding US$400 million aggregate principal amount of 7.250%
senior notes due 2023 (the “2023 Notes”), pay any related premium, costs and expenses and for general corporate
purposes.
Hudbay also announced today the redemption of all of the 2023 Notes on the terms and subject to the conditions set
forth in the redemption noti ce dated September 9, 2020. The redemption is conditioned upon the successful closing
of the offering of the New Notes, contemporaneous with or prior to the redemption date.
The New Notes will not be registered under the U.S. Securities Act of 1933, as ame nded (the “Securities Act”), or the
securities laws of any other jurisdiction. The New Notes will not be qualified by a prospectus in Canada. Unless they
are registered or qualified by a prospectus, the New Notes may be offered only in transactions that ar e exempt from
registration under the Securities Act, prospectus qualification under Canadian securities laws or the securities laws of
any other jurisdiction. In the United States, the New Notes will be offered, and sold, only to persons reasonably
believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) and outside the
United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
This press release is neither an offer to sell nor the solicitation of an offer to buy the New Notes, the 2023 Notes or
any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the New
Notes, the 2023 Notes or any other securities in any jurisdiction in w hich such offer, solicitation or sale is unlawful.
This press release does not constitute a notice of redemption with respect to the 2023 Notes.
There can be no assurance that the New Notes offering will be completed as contemplated or at all and that th e
proceeds of the offering will be used for the stated intended purpose. In the event the New Notes offering is not
closed as contemplated, the 2023 Notes will not be redeemed.
TMX, NYSE – HBM
2020 No. 17
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Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian and United States
securities legislation. All information contained in this news release, other than statements of current and historical
fact, is forward-looking information. Often, but not always, forward -looking information can be identified by the use of
words such as “plans”, “expects”, “budget”, “guidance”, “scheduled”, “estimates”, “forecasts”, “strategy”, “target”,
“intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and varia tions of these or similar words) and
statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or
“will be taken” (and variations of these or similar expressions). All of the forward -looking info rmation in this news
release is qualified by this cautionary note. Forward -looking information is not, and cannot be, a guarantee of future
results or events. Forward -looking information is based on, among other things, opinions, assumptions, estimates
and analyses that, while considered reasonable by the company at the date the forward -looking information is
provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause
actual results and events to be m aterially different from those expressed or implied by the forward -looking
information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information are described under the heading “Risk Factors” in
our most recent annual information form for the year ended December 31, 2019 and our management’s discussion
and analysis for the three and six months ended June 30, 2020. Should one or more risk, uncertainty, contingency or
other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from
those expressed or implied in the forward -looking information. Accordingly, you should not place undue relian ce on
forward-looking information. Hudbay does not assume any obligation to update or revise any forward -looking
information after the date of this news release or to explain any material difference between subsequent actual
events and any forward-looking information, except as required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a diversified mining company primarily producing copper concentrate (containing
copper, gold and silver) and zinc metal. The company is governed by the Canada Business Corporations Act and its
shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de
Valores de Lima.
For further information, please contact:
Candace Brûlé
Director, Investor Relations
(416) 814-4387