PPU assists in Senior Notes issue of Volcan
Philippi Prietocarrizosa Ferrero DU & Uría Peru has assisted an ad-hoc group of holders of senior notes issued by Volcan Compañía Minera, in the exchange of their existing 4.375% senior notes due 2026 for new 8.750% senior secured notes due 2030.
This transaction was signed and closed on 5 August for approximately USD 365MM. Davis Polk & Wardwell also acted as US counsel to the holders, A&O Shearman and Payet Rey Cauvi Pérez Abogados acted as counsel to Volcan in the US and Peru, respectively, while Paul Hastings in the US and Miranda & Armando in Peru acted as counsel to the dealer managers.
The new notes will be secured on a senior secured basis by assets owned by Volcan and its subsidiaries Compañía Minera Chungar, Empresa Administradora, Empresa Minera Paragsha, Compañía Industrial Limitada de Huacho, Roquel Global and Compañía Hidroeléctrica Tingo.
Volcan is a polymetallic mining company incorporated under the laws of Peru and is a major producer of zinc, lead and silver. Volcan’s operations and assets are located in the Peruvian Andes, with operating units such as Yauli, Chungar, Alpamarca and Cerro de Pasco.
Anahi Com acted as in-house counsel to Volcan.
PPU’s team was led by partner Rafael Puiggros (pictured), with support from director Alfonso Perez Bonany, senior associate Sergio Rodriguez and associate Daniella Ginocchio.
