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|Subject: Inmet||Date: 2/22/2013 10:28 AM|
|Author: LONGREITS||Number: 34795 of 35109|
Take a look at Inmet's 7.5's of '21.
Issuance of $500 million in senior unsecured notes
On December 18, 2012, we issued $500 million in senior unsecured notes, the proceeds of which will be used to fund development of Cobre Panama. The notes bear a coupon rate of interest of 7.5 percent and mature on June 1, 2021.
Inmet has tremendous assets and a rock solid balance sheet.
A 6.96% current yield and slightly lower YTFC, which 12/16, so almost 4 years of call protection.
I think this bond is mispriced based on Inmet's creditworthiness, character, and collateral.
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