Cleary Gottlieb guides Industrias Peñoles notes issuance
Cleary Gottlieb has represented Mexican mining company Industrias Peñoles on its international offering of $500 million 4.750 per cent senior notes due 2050, and a $100 million reopening of its 4.150 per cent senior notes due 2029.
The notes, which are expected to be admitted to the Official List of the Irish Stock Exchange and trade on the Global Exchange Market of Euronext Dublin, were offered and sold within the United States to qualified institutional buyers under Rule 144A, and outside the US in reliance of Regulation S.
Bank of America acted as global coordinator, and Bank of America and JP Morgan acted as joint bookrunners.
The offering, which was announced on July 29, priced on July 30, 2020, and is expected to close on August 6, 2020.
Industrias Peñoles has vertically integrated operations in all aspects of mining, including the exploration, development, extraction and processing of ore with gold, silver, zinc, lead and copper metal contents to produce concentrates, dorés, and other materials.
Industrias Peñoles is the world’s largest producer of refined silver, Latin America’s leading producer of refined primary gold and lead, and among the world’s top producers of refined zinc and sodium sulfate.
The Cleary corporate team included partners Jorge Juantorena (pictured) and Manuel Silva, associate Elena Vespoli, and law clerk Brayan Acevedo Vazquez.
Senior attorney David Fisher and associate Michael Eis advised on US tax matters. All lawyers are based in New York.
