Compañía de Minas Buenaventura S.A.A. Launches Tender Offer for 2026 Notes
In a recent move aimed at optimizing its financial position, Compañía de Minas Buenaventura S.A.A. has initiated a cash tender offer for all of its outstanding 5.500% Senior Notes due in 2026. This announcement, made on January 23, 2025, informs investors of the opportunity to sell their notes back to the company at a purchase price of $1,000 per $1,000 principal amount, in addition to accrued interest calculated up to the settlement date.
The tender offer will expire at 5:00 p.m. NY time on January 29, 2025, unless subsequently extended or terminated. Notably, holders of the senior notes must act promptly, as notes can only be tendered before the expiry date. Investors wishing to withdraw their tendered notes must do so by the same deadline. Tendered notes may be withdrawn at any time prior to the Withdrawal Deadline, which coincides with the offer's expiration.
For those who wish to participate in this tender offer, the company emphasizes the importance of adhering to the specified timelines. Holders can also use a guaranteed delivery method if they wish to expedite their participation beyond the main expiry point, contingent on the conditions outlined in the Offer to Purchase document.
Buenaventura's obligation to purchase the notes tendered hinges on certain conditions, including the successful completion of the new notes offering. This offering enables the company to secure the necessary funds to fulfill its obligations in relation to the tender offer. It is important for noteholders to be aware that this new notes offering is not guaranteed in terms of pricing or settlement, although the tender offer itself does not require a minimum principal amount to be tendered.
Additionally, Buenaventura remains open to redeeming or purchasing any outstanding notes even after the tender offer expiration. This may occur through various methods including open market purchases or privately negotiated transactions at the company's discretion.
The anticipated settlement for the tender offer is expected to happen four business days after the expiration time, contingent on the offer concluding successfully. Should the offer be terminated or not consummated, any tendered notes will be promptly returned to their holders at no expense or cost to them, and they will remain outstanding.
In line with standard procedures, the company has appointed dealer managers, specifically Banco BTG Pactual S.A. – Cayman Branch and J.P. Morgan Securities LLC, to oversee the tender offer process. They are available for any queries related to the tender offer and can provide detailed information regarding the terms and conditions.
As a precaution, Buenaventura and its associates clarify they do not endorse any specific recommendations regarding tendering notes. They advise investors to conduct their due diligence and consult with their financial intermediaries for guidance on how to participate in this tender offer.
In summary, this tender offer serves as a strategic financial maneuver by Buenaventura, demonstrating their proactive approach towards managing debt obligations. Noteholders are encouraged to understand the details and conditions surrounding this offer and to promptly engage if they wish to tender their securities.
The tender offer will expire at 5:00 p.m. NY time on January 29, 2025, unless subsequently extended or terminated. Notably, holders of the senior notes must act promptly, as notes can only be tendered before the expiry date. Investors wishing to withdraw their tendered notes must do so by the same deadline. Tendered notes may be withdrawn at any time prior to the Withdrawal Deadline, which coincides with the offer's expiration.
For those who wish to participate in this tender offer, the company emphasizes the importance of adhering to the specified timelines. Holders can also use a guaranteed delivery method if they wish to expedite their participation beyond the main expiry point, contingent on the conditions outlined in the Offer to Purchase document.
Buenaventura's obligation to purchase the notes tendered hinges on certain conditions, including the successful completion of the new notes offering. This offering enables the company to secure the necessary funds to fulfill its obligations in relation to the tender offer. It is important for noteholders to be aware that this new notes offering is not guaranteed in terms of pricing or settlement, although the tender offer itself does not require a minimum principal amount to be tendered.
Additionally, Buenaventura remains open to redeeming or purchasing any outstanding notes even after the tender offer expiration. This may occur through various methods including open market purchases or privately negotiated transactions at the company's discretion.
The anticipated settlement for the tender offer is expected to happen four business days after the expiration time, contingent on the offer concluding successfully. Should the offer be terminated or not consummated, any tendered notes will be promptly returned to their holders at no expense or cost to them, and they will remain outstanding.
In line with standard procedures, the company has appointed dealer managers, specifically Banco BTG Pactual S.A. – Cayman Branch and J.P. Morgan Securities LLC, to oversee the tender offer process. They are available for any queries related to the tender offer and can provide detailed information regarding the terms and conditions.
As a precaution, Buenaventura and its associates clarify they do not endorse any specific recommendations regarding tendering notes. They advise investors to conduct their due diligence and consult with their financial intermediaries for guidance on how to participate in this tender offer.
In summary, this tender offer serves as a strategic financial maneuver by Buenaventura, demonstrating their proactive approach towards managing debt obligations. Noteholders are encouraged to understand the details and conditions surrounding this offer and to promptly engage if they wish to tender their securities.
Topics Financial Services & Investing）
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