By Christine Van Dusen
Atlanta, Jan. 16 - Peru's Compania Minera Ares SAC sold $350 million 7¾% seven-year notes (Ba1//BB+) at 99.337 to yield 7 7/8% on Wednesday, a market source said.
The notes priced tighter than talk, set in the 8½% area.
BofA Merrill Lynch, Goldman Sachs and BBVA were the bookrunners for the Rule 144A and Regulation S deal.
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 notes are guaranteed by Hochschild Mining plc and some subsidiaries.
The issuer is a Peruvian mining company.
| Issuer: | Compania Minera Ares SAC
|
| Guarantor: | Hochschild Mining plc
|
| Amount: | $350 million
|
| Maturity: | Jan. 23, 2021
|
| Description: | Senior notes
|
| Bookrunners: | BBVA, Goldman Sachs, BofA Merrill Lynch
|
| Co-managers: | Corpbanca, Scotiabank
|
| Coupon: | 7¾%
|
| Price: | 99.337
|
| Yield: | 7 7/8%
|
| Call features: | Non-callable
|
| Change-of-control put: | 101%
|
| Equity clawback: | At 35%
|
| Trade date: | Jan. 15
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody's: Ba1
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8½% area
|
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