Thompson Creek (TC) Prices 8.8M Tangible Equity Unit Offering
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Thompson Creek Metals Company Inc. (NYSE: TC) announced the pricing of an offering of 8,800,000 of its 6.50% tangible equity units, each with a stated amount of $25. The tMEDS priced at $25 each, generating net proceeds of approximately $212.0 million. Of the $220.0 million aggregate stated amount of tMEDS, approximately $177.5 million will be accounted for as equity and $35.9 million will be accounted for as debt.
The tMEDS offering is expected to close, subject to customary closing conditions, on May 11, 2012.
The Company intends to use the net proceeds from the tMEDS offering, together with the net proceeds from a concurrent offering of Senior Notes due 2019, cash from operations and funds from prior financing arrangements, to complete construction of its Mt. Milligan copper-gold mine. Neither the offering of the tMEDS nor the concurrent offering of Senior Notes due 2019 is contingent upon completion of the other offering, and each offering is being conducted as a separate public offering.
The underwriters of the tMEDS offering have a 13-day option to purchase up to an additional 1,200,000 tMEDS to cover over-allotments.
The tMEDS offering is expected to close, subject to customary closing conditions, on May 11, 2012.
The Company intends to use the net proceeds from the tMEDS offering, together with the net proceeds from a concurrent offering of Senior Notes due 2019, cash from operations and funds from prior financing arrangements, to complete construction of its Mt. Milligan copper-gold mine. Neither the offering of the tMEDS nor the concurrent offering of Senior Notes due 2019 is contingent upon completion of the other offering, and each offering is being conducted as a separate public offering.
The underwriters of the tMEDS offering have a 13-day option to purchase up to an additional 1,200,000 tMEDS to cover over-allotments.
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