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HudBay Minerals acquires Hudson Bay Mining and Smelting from Anglo American for US$175 million

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Anglo American International

On December 21, 2004, HudBay Minerals Inc. acquired Hudson Bay Mining and Smelting Co., Ltd. from Anglo American International, SA. To fund the acquisition, HudBay Minerals completed an offering of subscription receipts for gross proceeds of approximately $143 million, and a subsidiary of HudBay completed an offering of 9.625 per cent senior secured notes due January 15, 2012, for gross proceeds of US$175 million. In connection with the offering of subscription receipts, GMP Securities Inc. led a syndicate that included Canaccord Capital Corp., Haywood Securities Inc., Orion Securities Inc., Harris Partners Ltd., McFarlane Gordon Inc. and Northern Securities Inc. In connection with the sale of the notes, Credit Suisse First Boston acted as the sole bookrunner.

Anglo American International was represented by Fasken Martineau with a team composed of Robert Shirriff, Q.C., (mining), Bruce Blain and Bozidar Crnatovic (corporate/securities), Doug New (competition), William Bies (tax), Charles Kazaz (environmental), Peggy McCallum and Richard Johnston (pensions and benefits), Donald Milner and Edmond Lamek (insolvency) and Ralph Nero (labour).


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