Industrias Peñoles’ $1.1 Billion Senior Notes Offering

Cleary Gottlieb represented Industrias Peñoles, S.A.B. de C.V. in its debut international offering of $550 Million 4.150% Senior Notes due 2029 and $550 Million 5.650% Senior Notes due 2049.

The notes, which are expected to be admitted to the Official List of the Irish Stock Exchange and trade on the Global Exchange Market of Euronext Dublin, were offered and sold within the United States to qualified institutional buyers under Rule 144A and outside the United States in reliance of Regulation S.BofA Merrill Lynch, Goldman Sachs & Co. LLC and J.P. Morgan acted as global coordinators, and Santander and Scotiabank acted as joint bookrunners.

The offering, which was announced on August 26, 2019, priced on September 5, 2019, and is expected to close on September 12, 2019.

Industrias Peñoles is a leading mining company in Mexico with vertically integrated operations and significant experience and expertise in all aspects of mining, including the exploration, development, extraction and processing of ore with gold, silver, zinc, lead and copper metal contents to produce concentrates, dorés, copper cathodes and other materials. Industrias Peñoles is the world’s largest producer of refined silver, Latin America’s leading producer of refined primary gold and lead, and among the world’s top producers of refined zinc and sodium sulfate.

The Cleary corporate team included partner Jorge Juantorena (Picture), associates Manuel Silva, Elena Vespoli, and Rosa Parmose, and international lawyer Andres Del Sante. Senior attorney David Stewart Fisher and associate Michael Eis advised on U.S. tax matters. All lawyers are based in New York.

Involved fees earner: Andres Del Sante – Cleary Gottlieb Steen & Hamilton; Michael Eis – Cleary Gottlieb Steen & Hamilton; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; Rosa Parmose – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Elena Vespoli – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Industrias Peñoles, S.A.B. de C.V.;