Industrias Peñoles’s $1.1 Billion Notes Offering

Cleary Gottlieb Steen & Hamilton, Ritch, Mueller, Heather y Nicolau, Davis Polk & Wardwell and Creel, García-Cuéllar, Aiza y Enríquez advised on the deal

Industrias Peñoles S.A.B. de C.V. (Industrias Peñoles) executed its debut international offering of $550 million 4.15% senior notes due 2029 and $550 million 5.65% 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 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. It 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.

Cleary Gottlieb Steen & Hamilton adivised Industrias Peñoles, S.A.B. de C.V. with Jorge U. Juantorena (Picture), Manuel Silva, Elena Vespoli, Rosa Parmose, Michael Eis, Andrés Del Sante and David Stewart Fisher.

In Mexico, Ritch, Mueller, Heather y Nicolau advised Industrias Peñoles, S.A.B. de C.V. with Luis Nicolau Gutiérrez, Joshua Párraga and Luis Alonso Suárez del Real Tostado.

Davis Polk & Wardwell advised BofA Securities, Inc. Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Santander Investment Securities, Inc. and Scotia Capital (USA) Inc. with Maurice Blanco, Po Sit, Drew Glover, Alain Kuyumjian and Joseph M. Gerstel.

In Mexico, Creel, García-Cuéllar, Aiza y Enríquez advised BofA Securities, Inc. Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Santander Investment Securities, Inc. and Scotia Capital (USA) Inc. with Carlos Zamarrón, Eduardo Flores Herrera, Andrés Barroso and Juan Pablo Sánchez Cobo.

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; Andrés Barroso Torres – Creel, García-Cuéllar, Aiza y Enriquez SC; Eduardo Flores – Creel, García-Cuéllar, Aiza y Enriquez SC; Juan Pabló Sánchez Cobo – Creel, García-Cuéllar, Aiza y Enriquez SC; Carlos Zamarrón – Creel, García-Cuéllar, Aiza y Enriquez SC; Maurice Blanco – Davis Polk & Wardwell; Joseph Gerstel – Davis Polk & Wardwell; Drew Glover – Davis Polk & Wardwell; Alain Kuyumjian – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Luis Nicolau Gutiérrez – Ritch, Mueller, Heather y Nicolau, SC; Joshua Párraga Saggiante – Ritch, Mueller, Heather y Nicolau, SC; Luis Alonso Suárez del Real Tostado – Ritch, Mueller, Heather y Nicolau, SC;

Law Firms: Cleary Gottlieb Steen & Hamilton; Creel, García-Cuéllar, Aiza y Enriquez SC; Davis Polk & Wardwell; Ritch, Mueller, Heather y Nicolau, SC;

Clients: Bank of America Securities; Goldman Sachs & Co.; Industrias Peñoles, S.A.B. de C.V.; JP Morgan Securities; Santander Investment Securities Inc.; Scotia Capital Inc.;

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Author: Ambrogio Visconti