Peru's Compania Minera Ares talks planned $350 million seven-year notes at 8½% area

By Christine Van Dusen

Atlanta, Jan. 15 - Peru's Compania Minera Ares SAC set talk in the 8½% area for its upcoming $350 million offering of notes due in seven years (expected ratings: Ba1//BB+), a market source said.

BofA Merrill Lynch, Goldman Sachs and BBVA are the bookrunners for the Rule 144A and Regulation S deal. Corpbanca and Scotiabank are the co-managers.

The notes are non-callable and include a change-of-control put at 101% and an equity clawback of 35%.

The proceeds will be used to refinance debt and for general corporate purposes.

The issuer is a Peruvian mining company.

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