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Cobre del Mayo Closes Debt Exchange Offer

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.

February 9, 2016

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