HudBay Minerals Inc. said Dec. 12 that it closed its previously announced note offer of US$1.0 billion aggregate principal amount of senior notes, at US$400 million worth of 7.25% senior notes due 2023 and US$600 million worth of 7.625% senior notes due 2025.

The company, meanwhile, noted that an aggregate principal amount of US$803.6 million, which is 87% of the company's outstanding US$920 million worth of outstanding 9.5% senior notes due 2020, was validly tendered.

The tender offer is expected to close Dec. 23.

HudBay plans to use the cash raised from the senior note offer to fund the tender offer, to fund the redemption of existing notes and for general corporate purposes.