Notes Paid in fullNo more debt!!!This shud also help our rise toward $30 but also make us a more likely TO target.I wouldn't mind $40.
Good news for today's conference.
Source: HudBay Minerals Inc.
HudBay Announces Completion of Covenant Defeasance of Outstanding 9 5/8% Senior Secured Notes Due 2012
Thursday February 22, 8:00 am ET
WINNIPEG, MANITOBA--(CCNMatthews - Feb. 22, 2007) - HudBay Minerals Inc. ("HudBay") (TSX:HBM - News) today announced that its wholly-owned subsidiary, Hudson Bay Mining and Smelting Co., Limited ("HBMS"), has completed the covenant defeasance of HBMS' outstanding 9 5/8% Senior Secured Notes due 2012 (the "Notes"). The covenant defeasance involved the irrevocable deposit in trust by HBMS with The Bank of New York, as trustee, of approximately U.S. $3.3 million (notional value U.S. $3.4 million) of U.S. government securities, such amount being sufficient to pay the principal of U.S. $2.9 million, and interest and premium on, the outstanding Notes to the redemption date of January 15, 2009. Pursuant to the terms of the indenture governing the Notes, the collateral securing the Notes will be released.
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"The defeasance of the remaining Notes marks an important milestone in our efforts to maximize our financial flexibility," said Peter Jones, President & CEO. "We have repurchased the Notes in the open market and through our successful tender offer using free cash flow and now with the defeasance complete, we are positioned to advance our growth strategies both organically and through the evaluation and pursuit of M & A opportunities."
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