Buenaventura Announces Expiration of Tender Offer for 2026 Notes Amidst Significant Participation
Compañía de Minas Buenaventura S.A.A. Tender Offer Update
On January 29, 2025, Compañía de Minas Buenaventura S.A.A. (hereafter referred to as Buenaventura), listed on the NYSE under the ticker symbol BVN, announced the expiration of its cash tender offer concerning its outstanding 2026 Senior Notes. This marks a significant event for the company and its noteholders, providing insight into its financial strategies and market responses.
Details of the Tender Offer
Announced in conjunction with its Offer to Purchase dated January 23, 2025, the tender offer was designed for holders of Buenaventura’s 5.500% Senior Notes due 2026. The specific CUSIP and ISIN codes for these notes—144A CUSIP/ISIN 20448 AA2 / US20448AA22 and Regulation S CUSIP/ISIN P6680P AA9 / USP6680PAA95—helped identify the instruments involved. The offer expired at 5:00 PM ET on January 29, 2025, signaling the close of this financial opportunity.
At the expiration, the total valid tenders received amounted to US$400,601,000, representing approximately 72.84% of the notes currently outstanding. This strong participation indicates a robust interest from noteholders to engage with Buenaventura’s financial maneuvering. Moreover, Notices of Guaranteed Delivery submitted for an additional US$850,000 highlighted further interest.
Payment Information and Conditions
The offer required holders who submitted Notices of Guaranteed Delivery to tender their notes by 5:00 PM ET on January 31, 2025, in order to qualify for participation in the tender offer. Buenaventura anticipates making payment for these valid tendered notes on February 4, 2025—a date referred to as the Settlement Date.
Eligible noteholders—including those who tendered their notes before the expiration time and adhered to the stipulated withdrawal deadline—are set to receive a payment of US$1,000 for every US$1,000 in principal amount of these notes, in addition to any accrued and unpaid interest from the last payment date up to but excluding the Settlement Date.
It’s important to note that the final principal amount of notes purchased will depend on the actual delivery of notes under the Guaranteed Delivery Procedures, demonstrating variability in the final results. Buenaventura plans to issue a press release shortly after the Settlement Date to communicate these final outcomes.
Broker and Financial Services Involvement
The successful execution and management of this tender offer saw participation from several key financial entities. Buenaventura selected Banco BTG Pactual S.A. – Cayman Branch and J.P. Morgan Securities LLC as the dealer managers for this undertaking. Any inquiries regarding the tender offer terms and processes can be directed to these institutions for further clarification.
Conclusion
In summary, Buenaventura's completion of its tender offer for the 2026 Senior Notes reveals a proactive approach towards financial management and an encouraging response from investors. As the company moves forward with the next phases of its operations and financial restructuring, the results of this tender offer are poised to play a critical role in shaping its future strategies. Noteholders should remain attentive to updates as the final settlement date approaches, marking an important chapter in Buenaventura’s ongoing financial narrative.
This announcement—like many involving financial offerings—is purely informational and does not serve as a definitive recommendation for or against participation in the tender offer. Investors are encouraged to conduct their own due diligence regarding these opportunities.