HudBay Minerals Inc. (HBM,HBM.TO) announced that due to market conditions it is discontinuing the planned offering of US$400 million senior unsecured notes due 2020, which it had previously announced on May 14, 2012.
"Although the funding we were seeking was available to us, poor overall market conditions caused the proposed interest rate to exceed our cost of capital criteria," said David Garofalo, Hudbay's President and Chief Executive Officer.
"We currently have a large cash balance with no debt, strong cash flow and available credit to help fund our development projects. The offering was one of a number of debt-financing alternatives we have been considering, including off-take linked project financing, and we will remain disciplined as we pursue these opportunities," said David Garofalo.
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