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Hochschild to redeem US$294.8M of 7.750% bonds due 2021

Hochschild Mining Plc intends to redeem all of its outstanding of 7.750% bonds due 2021, totaling US$294.8 million.

The redemption price is set at US$103.875 per US$100 principal amount, for a total payment of US$306.2 million. The company said Dec. 6 that it will finance the transaction through existing cash and borrowings under committed facilities totaling US$200 million.

Hochschild expects its interest payments to reduce significantly after redemption. Settlement is expected Jan. 23, 2018.