Southern Copper plans senior note sale in 10-, 30-year tranches

By Andrea Heisinger

New York, Aug. 27 - Southern Copper Corp. announced a sale of senior notes (Baa2/BBB/BBB) in two tranches on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.

The offering includes notes due 2022 and 2042. A source away from the trade said late Monday that pricing is not expected until the coming week.

The deal features a change-of-control put at 101.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC are bookrunners.

Proceeds are being used for general corporate purposes, including financing a capital expenditure program.

Southern Copper was last in the U.S. bond market with a $1.5 billion offering in two tranches on April 13, 2010. A 5.375% 10-year note from that trade priced at 162.5 bps over Treasuries while a 6.75% 30-year bond sold at 212.5 bps over Treasuries.

The integrated copper producer is based in Phoenix.

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