TORONTO (Reuters) - Canadian base metals miner Inmet Mining Corp IMN.TO closed a $1.5 billion debt offer on Friday with the proceeds of the deal to be used to fund the construction of its Cobre Panama copper-gold project in Central America.
Toronto-based Inmet said funds raised through the issue of senior unsecured notes, will allow it to proceed with construction of the Panamanian project, in which it owns an 80 percent stake. The remaining interest is owned by a South Korean consortium that includes Korea Resources Corp and LS-Nikko Copper Inc.
J.P. Morgan, Credit Suisse, Bank of America Merrill Lynch, Citigroup, Morgan Stanley, and RBC Capital Markets acted as joint bookrunning managers on the deal. The notes have an 8.75 percent coupon rate and mature in 2020.
The project is expected to cost about $6.2 billion. The remaining funding will come from cash on hand, cash generated by Inmet’s other operations, its partners and a precious metals stream financing deal.
Reporting By Euan Rocha; Editing by Peter Galloway