Announcement of Expiration of Tender Offer by Compañía de Minas Buenaventura S.A.A. for Any and All of its 2026 Notes
Rhea-AI Summary
Buenaventura (NYSE: BVN) announced the expiration of its cash tender offer for its 5.500% Senior Notes due 2026. At the expiration time on January 29, 2025, valid tenders were received for US$400,601,000 in aggregate principal amount, representing approximately 72.84% of outstanding Notes. Additional Notices of Guaranteed Delivery were submitted for US$850,000 in principal amount (0.15% of outstanding Notes).
Subject to conditions, Buenaventura expects to make payment on February 4, 2025, offering US$1,000 per US$1,000 principal amount of Notes, plus accrued and unpaid interest. Holders who validly tendered Notes or submitted Notices of Guaranteed Delivery must complete the process by January 31, 2025, to be eligible for payment.
Positive
- High participation rate with 72.84% of outstanding Notes tendered
- Full par value payment (US$1,000 per US$1,000) being offered to noteholders
Negative
- None.
News Market Reaction – BVN
In the trading session that priced this news, BVN gained 2.24%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Tender Offer expired on January 29, 2025 at 5:00 p.m.,
Subject to the satisfaction or waiver of the Financing Condition or any of the General Conditions described in the Offer to Purchase, Buenaventura expects to accept and make payment on February 4, 2025 (the "Settlement Date") and for (i) all Notes validly tendered at or prior to the Expiration Time and not validly withdrawn at or prior to the Withdrawal Deadline and (ii) all Notes with respect to which a properly completed Notice of Guaranteed Delivery was delivered at or prior to the Expiration Time and that are validly tendered at or prior to the Guaranteed Delivery Expiration Time using the Guaranteed Delivery Procedures.
Holders of Notes who (i) validly tendered their Notes at or prior to the Expiration Time and did not validly withdraw their Notes at or prior to the Withdrawal Deadline or (ii) delivered a Notice of Guaranteed Delivery at or before the Expiration Time and validly tender their notes at or prior to the Guaranteed Delivery Expiration Time using the Guaranteed Delivery Procedures are eligible to receive
The final principal amount of Notes that will be purchased by Buenaventura on the Settlement Date is subject to change based on deliveries of Notes pursuant to the Guaranteed Delivery Procedures. A press release announcing the final results of the Tender Offer is expected to be issued on or promptly after the Settlement Date.
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
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SOURCE Compañía de Minas Buenaventura S.A.A.