Inmet Raises Additional Panama Project Funds

Inmet Mining has returned to the bond market for additional funding for its Panama copper projects, raising $500m. The Canadian miner’s 2021 drew $3.9bn in orders. The B1/B+ bond priced at 100.00 with a 7.50% coupon and yield, or UST+610bp, pricing inside 7.75%-area price thoughts. The bonds were quoted at 102.00 in the secondary Monday afternoon. The proceeds will be used to fund the development and potential early expansion of the $6.18bn Cobre Panama copper project in Panama, of which Inmet has an 80% share. Inmet raised a $1.5bn 2022 NC4 bond in May, with the 8.75% coupon note trading at 7.10%-7.15%. Credit Suisse and JPMorgan managed.