Announcement of Tender Offer by Compañía de Minas Buenaventura S.A.A. for Any and All of its 2026 Notes
Buenaventura (NYSE: BVN) has launched a cash tender offer for all outstanding 5.500% Senior Notes due 2026, with US$550 million currently outstanding. The company is offering to purchase the notes at US$1,000 per US$1,000 principal amount, plus accrued interest.
The tender offer expires at 5:00 p.m., New York City time, on January 29, 2025, with a withdrawal deadline at the same time. The settlement is expected four business days after expiration. The offer is contingent on completing a new notes offering to fund the purchase.
Holders can tender their notes directly or through guaranteed delivery procedures by January 31, 2025. Banco BTG Pactual and J.P. Morgan Securities are acting as dealer managers for the tender offer, with D.F. King & Co. serving as the tender agent and information agent.
Buenaventura (NYSE: BVN) ha lanciato un'offerta pubblica di acquisto in contante per tutte le obbligazioni senior con un tasso del 5,500% in scadenza nel 2026, con un totale di US$550 milioni attualmente in circolazione. L'azienda offre di acquistare le obbligazioni a US$1.000 per ogni US$1.000 di valore nominale, più gli interessi maturati.
L'offerta scade alle 17:00, ora di New York, del 29 gennaio 2025, con una scadenza per il ritiro nello stesso momento. Il pagamento è previsto quattro giorni lavorativi dopo la scadenza. L'offerta è subordinata alla conclusione di un'emissione di nuove obbligazioni per finanziare l'acquisto.
I detentori possono presentare le loro obbligazioni direttamente o tramite procedure di consegna garantita entro il 31 gennaio 2025. Banco BTG Pactual e J.P. Morgan Securities agiscono come manager di vendita per l'offerta, con D.F. King & Co. che funge da agente per l'offerta e agente informativo.
Buenaventura (NYSE: BVN) ha lanzado una oferta de adquisición en efectivo para todas las Notas Senior del 5.500% con vencimiento en 2026, con un total de US$550 millones actualmente en circulación. La compañía está ofreciendo comprar las notas a US$1,000 por cada US$1,000 de valor nominal, más los intereses acumulados.
La oferta expira a las 5:00 p.m. hora de la ciudad de Nueva York, el 29 de enero de 2025, con un plazo de retiro a la misma hora. Se espera que la liquidación ocurra cuatro días hábiles después de la expiración. La oferta está sujeta a la finalización de una emisión de nuevas notas para financiar la compra.
Los tenedores pueden presentar sus notas directamente o a través de procedimientos de entrega garantizada antes del 31 de enero de 2025. Banco BTG Pactual y J.P. Morgan Securities actúan como gerentes de la oferta, con D.F. King & Co. sirviendo como el agente de la oferta y agente de información.
Buenaventura (NYSE: BVN)는 2026년 만기인 모든 5.500% 선순위 채권에 대한 현금 입찰을 발표했습니다. 현재 US$550 백만의 채권이 유통되고 있습니다. 회사는 채권을 원금 US$1,000당 US$1,000에 매입할 것을 제안하며, 이자는 누적됩니다.
입찰은 2025년 1월 29일 오후 5:00 (뉴욕 시간)까지 유효하며, 같은 시간에 철회 마감일이 있습니다. 결제는 만료 후 4영업일 예상됩니다. 이 입찰은 구매 자금을 위한 새로운 채권 발행 완료를 전제로 합니다.
채권 보유자는 2025년 1월 31일까지 직접 또는 보장된 배송 절차를 통해 채권을 제출할 수 있습니다. Banco BTG Pactual 및 J.P. Morgan Securities가 입찰 관리자 역할을 하며, D.F. King & Co.가 입찰 대리인 및 정보 대리인으로 활동합니다.
Buenaventura (NYSE: BVN) a lancé une offre publique d'achat en espèces pour toutes les Obligations Senior à 5,500% arrivant à échéance en 2026, avec un montant total de 550 millions USD en circulation. La société propose d'acheter les obligations au prix de 1 000 USD pour chaque 1 000 USD de montant principal, plus les intérêts accumulés.
L'offre expire à 17h00, heure de New York, le 29 janvier 2025, avec un délai de retrait à la même heure. La liquidation est attendue quatre jours ouvrables après l'expiration. L'offre est conditionnée à la réalisation d'une nouvelle émission d'obligations pour financer l'achat.
Les détenteurs peuvent soumettre leurs obligations directement ou par le biais de procédures de livraison garantie jusqu'au 31 janvier 2025. Banco BTG Pactual et J.P. Morgan Securities agissent en tant que responsables de l'offre, avec D.F. King & Co. servant d'agent d'appel d'offres et d'agent d'information.
Buenaventura (NYSE: BVN) hat ein Barangebot für alle ausstehenden 5,500% Senior Notes mit Fälligkeit 2026 gestartet, wobei derzeit US$550 Millionen im Umlauf sind. Das Unternehmen bietet an, die Anleihen zu US$1.000 pro US$1.000 Nennbetrag zu kaufen, zuzüglich der aufgelaufenen Zinsen.
Das Angebot endet am 29. Januar 2025 um 17:00 Uhr New Yorker Zeit, mit einer Rückzie Frist zur gleichen Zeit. Die Abwicklung wird vier Geschäftstage nach Ablauf erwartet. Das Angebot steht unter dem Vorbehalt, dass eine neue Anleiheemission zur Finanzierung des Kaufs abgeschlossen wird.
Inhaber können ihre Anleihen direkt oder über garantierte Lieferverfahren bis zum 31. Januar 2025 einreichen. Banco BTG Pactual und J.P. Morgan Securities fungieren als Dealermanager für das Angebot, während D.F. King & Co. als Tender- und Informationsagent tätig ist.
- Company has sufficient financial capacity to refinance US$550 million in outstanding notes
- Tender offer provides opportunity for noteholders to receive full principal value
- New notes offering may result in additional debt obligations
- Tender offer success depends on completion of new notes offering
Insights
This tender offer represents a strategic debt management move by Buenaventura that warrants careful analysis. The company is offering to purchase
Several key aspects make this tender offer particularly noteworthy: First, the par value purchase price indicates confidence in the company's credit standing, as distressed situations typically involve below-par tender offers. Second, the contingency on a new notes offering suggests Buenaventura is likely seeking to optimize its debt structure, potentially taking advantage of current market conditions to potentially secure more favorable terms.
The compressed timeline, with the tender offer expiring on January 29, 2025 and the guaranteed delivery option, suggests a well-prepared execution strategy aimed at minimizing market risk. This approach is particularly relevant given recent volatility in global bond markets and the mining sector specifically.
From a credit perspective, this liability management exercise could lead to several outcomes:
- Extended debt maturity profile, reducing near-term refinancing risks
- Potential interest expense optimization if new notes are issued at more favorable rates
- Enhanced financial flexibility through modified covenant packages in the new notes
For investors, this transaction signals proactive financial management and could potentially strengthen Buenaventura's credit profile, depending on the terms of the new notes. The full par value tender price also provides existing noteholders a clean exit opportunity without having to sell in the secondary market.
The following table sets forth the material pricing terms of the Tender Offer:
Title of Security | CUSIP / ISIN | Principal Amount | Purchase |
144A: 20448 AA2 / US20448AA22 Regulation S: P6680P AA9 / |
__________________
(1) | The amount to be paid for each |
The Tender Offer is scheduled to expire at 5:00 p.m.,
Buenaventura's obligation to purchase Notes validly tendered pursuant to the Tender Offer is subject to the satisfaction of certain conditions set forth in the Offer to Purchase, dated January 23, 2025 (the "Offer to Purchase"), including but not limited to the completion of a new notes offering, which will be exempt from the registration requirements of the
Buenaventura and its affiliates reserve the absolute right, in their sole discretion, from time to time to redeem or purchase any Notes that remain outstanding after the Expiration Time through open market purchases, privately negotiated transactions, tender offers, exchange offers or otherwise, upon such terms and at such prices as they may determine, which may be more or less than the price to be paid pursuant to the Tender Offer.
Settlement of the Tender Offer is expected to occur on the fourth business day following the Expiration Time, unless the Tender Offer is terminated prior to such date. Tendered Notes may be withdrawn at any time at or prior to the earlier of the Withdrawal Deadline and, in the event that the Tender Offer is extended, the tenth business day after commencement of the Tender Offer. Tendered Notes may be withdrawn at any time after the 60th business day after commencement of the Tender Offer if for any reason the Tender Offer has not been consummated within 60 business days after commencement.
Upon the terms and subject to the conditions of the Tender Offer set forth in the Offer to Purchase, all Notes validly tendered and not validly withdrawn or with respect to which a properly completed and duly executed Notice of Guaranteed Delivery (as described in the Offer to Purchase) is delivered at or prior to the Expiration Time, as applicable, will be accepted for purchase. The complete terms and conditions of the Tender Offer are described in the Offer to Purchase and the Notice of Guaranteed Delivery, copies of which may be obtained from D.F. King & Co., Inc., the tender agent and information agent (the "Tender Agent and Information Agent") for the Tender Offer, at www.dfking.com/buenaventura, by telephone at +1 (800) 370-1749 (
Buenaventura has engaged Banco BTG Pactual S.A. – Cayman Branch and J.P. Morgan Securities LLC to act as the dealer managers (the "Dealer Managers") in connection with the Tender Offer. Questions regarding the terms of the Tender Offer may be directed to Banco BTG Pactual S.A. – Cayman Branch, at +1 (212) 293-4600 (collect) and J.P. Morgan Securities LLC, at +1 (212) 834-7279 (collect) or +1 (866) 846-2874 (toll Free).
Disclaimer
None of Buenaventura, the Tender Agent and Information Agent, the Dealer Managers or the trustee for the Notes, or any of their respective affiliates, is making any recommendation as to whether holders should or should not tender any Notes in response to the Tender Offer or expressing any opinion as to whether the terms of the Tender Offer are fair to any holder. Holders must make their own decision as to whether to tender any Notes and, if so, the principal amount of Notes to tender. Holders are advised to check with any bank, securities broker or other intermediary through which they hold Notes whether such intermediary would require receipt of instructions to participate in, or (in the limited circumstances in which withdrawal is permitted) withdraw their instruction to participate in, the Tender Offer before the deadlines set out above. Please refer to the Offer to Purchase for a description of the offer terms, conditions, disclaimers and other information applicable to the Tender Offer.
This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any securities. The Tender Offer is being made solely by means of the Offer to Purchase. The Tender Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In those jurisdictions where the securities, blue sky or other laws require any tender offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of Buenaventura by the Dealer Managers or one or more registered brokers or dealers licensed under the laws of such jurisdiction.
This press release may contain forward-looking statements within the meaning of Section 27A of the
COMPAÑÍA DE MINAS BUENAVENTURA S.A.A.
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SOURCE Compañía de Minas Buenaventura S.A.A.
FAQ
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