Inmet Upsizes Panama Copper Bond

Inmet Mining is set to price an 2022 NC4 bond as soon as today, after giving 8.25%-8.50% area guidance, and upsizing to $1.5bn from $1.0bn. The B1/BB minus Canada-based miner was scheduled to wrap up meetings in California Monday as it seeks to fund the development of the $6.18bn Cobre Panama copper project in Panama. Citi, Credit Suisse, BAML, JPMorgan, Morgan Stanley and RBC are managing the transaction, with CIBC and Scotia as co-managers. Inmet has an 80% share in Cobre Panama through its Minera Panama subsidiary. The other 20% is held by Korea Panama Mining Corporation.