Hecla Announces Pricing of Senior Notes Offering
February 13 2020 - 6:49PM
Business Wire
Hecla Mining Company (NYSE:HL) today announced that it has
priced its previously announced public offering of senior notes
(the “Offering”). The Company has agreed to sell $475.0 million
aggregate principal amount of 7.250% Senior Notes due 2028 (the
“Notes”). The Offering is expected to close on February 19, 2020,
subject to customary closing conditions.
The Notes will pay interest semi-annually in arrears at a rate
of 7.250% per year and will mature on February 15, 2028, unless
earlier redeemed or repurchased. The Notes will be fully and
unconditionally guaranteed by certain of the Company’s
subsidiaries. The Company intends to use the net proceeds from the
Offering, together with cash on hand, to redeem all of its
outstanding 6.875% Senior Notes due 2021 (the “2021 Notes”) and to
pay fees and expenses in connection with the Offering and the
redemption of the 2021 Notes.
J.P. Morgan Securities LLC is acting as the book-running manager
for the offering. The offering of the Notes is being made pursuant
to an effective shelf registration statement filed with the U.S.
Securities and Exchange Commission. The offering will be made only
by means of a prospectus supplement and the accompanying
prospectus. Copies of the prospectus supplement and the
accompanying prospectus may be obtained by calling J.P. Morgan
Securities LLC collect at (866)-803-9204 or writing to J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717.
This news release does not constitute an offer to sell or a
solicitation of an offer to purchase the Notes, the 2021 Notes, or
any other securities, and does not constitute an offer,
solicitation or sale in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful. In addition, this
news release does not constitute a notice of redemption for
purposes of the 2021 Notes.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE:HL) is a leading
low-cost U.S. silver producer with operating mines in Alaska, Idaho
and Mexico, and is a growing gold producer with operating mines in
Nevada and Quebec, Canada. The Company also has exploration and
pre-development properties in eight world-class silver and gold
mining districts in the U.S., Canada and Mexico, and an exploration
office and investments in early-stage silver exploration projects
in Canada.
Cautionary Statements Regarding Forward Looking
Statements
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934, as amended, which are intended
to be covered by the safe harbor created by such sections and other
applicable laws, including Canadian securities laws. Such
forward-looking statements or forward-looking information include
without limitation, statements regarding the Company’s intentions,
expectations or beliefs regarding (i) the Company’s intention to
consummate the offer and sale of the Notes and (ii) the Company’s
intention to use the proceeds of the Offering, together with cash
on hand, to redeem the 2021 Notes, to pay the redemption price to
redeem the 2021 Notes, and to pay related fees and expenses in
connection with the offering and the redemption of the 2021 Notes.
Forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected or implied. These risks
and uncertainties include, but are not limited to, adverse
conditions in the United States or global capital markets, other
adverse conditions in the United States or global economy, metals
price volatility, volatility of metals production and costs,
litigation, regulatory and environmental risks, operating risks,
project development risks, political risks, labor issues, ability
to raise financing and exploration risks and results; including
that mineral resources are not mineral reserves, they do not have
demonstrated economic viability and there is no certainty that they
can be upgraded to mineral reserves through continued exploration,
and with respect to Hecla’s non-operating and exploration
properties, that few properties that are explored are ultimately
developed into producing mines. Refer to the Company’s Form 10-K
and 10-Q reports for a more detailed discussion of factors that may
impact expected future results. The Company undertakes no
obligation and has no intention of updating forward-looking
statements other than as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200213005959/en/
Mike Westerlund Vice President, Investor Relations 800-HECLA91
(800-432-5291) Email: hmc-info@hecla-mining.com Website:
www.hecla-mining.com
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