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Cobre del Mayo Closes Debt Exchange Offer
- Client News
- February 9, 2016
Practices
Paul, Weiss client Cobre del Mayo, S.A. de C.V., a Mexican
copper mining company, closed its debt exchange offer and consent
solicitation in which $205.4 million of its old 10.75% senior notes
due 2018 were exchanged for $118.1 million new senior secured PIK
toggle notes due 2021 plus $92.4 million new junior non-interest
bearing 2045 notes. In addition to semiannual interest payments,
holders of the new senior secured PIK toggle notes have the right
to receive additional annual cash interest payments to the extent
that settlement prices for copper cathode exceed certain threshold
prices in defined applicable periods. Jefferies and BCP acted as
joint exchange and solicitation agents.
The Paul, Weiss team included corporate partner Andrew Foley
and counsel Stephen Centa; and tax partner David Mayo.