Petróleos del Perú’s $2 Billion Notes Offering


Clifford Chance, Miranda y Amado, White & Case and Lazo, De Romaña advised on the transaction

Petroperú raised nearly US$2 billion in net proceeds to finance a modernization project related to its Talara Refinery (Refinería de Talara). The project is being developed primarily by Técnicas Reunidas, a Madrid-based global leader in the design and construction of oil and gas facilities around the world.

The two-tranche international offering consisted of US$1 billion of Rule 144A/Regulation S notes due 2032 and US$1 billion of Rule 144A/Regulation S notes due 2047. The deal was priced on June 12, 2017 and closed on June 19, 2017. It is one of the largest corporate bond offerings in Latin America in recent years.

Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner y Smith Incorporated and Citigroup Global Markets Inc. acted as underwriters.

Clifford Chance advised with a team including Alex Camacho (Picture), Per Chilstrom, Alejandro Espitia (based in Madrid) and Mariana Estévez (based in New York). Tax matters were handled by partner Avrohom Gelber and associate Caroline Phillips, and banking matters were handled by Project Finance associates Martin Menski, Alberto Haito and Diego Harman.

In Perù, Miranda Amado advised with Luis Marcelo De Bernardis, Gabriela Dañino and Daniela Higueras.

White & Case LLP advised the underwriters with John Vetterli and Lucía Benabentos.

In Perù, Lazo, De Romaña & CMB Abogados advised the underwriters with Jorge Lazo, Fátima De Romaña, Patricia Brocos, Yésica Del Carpio, Juan Manuel Pazos, Ernesto Soto and Cinthya Munaylla.

Involved fees earner: Jorge Lazo – Lazo, De Romaña & Gagliuffi Abogados; Fátima De Romaña – Lazo, De Romaña & Gagliuffi Abogados; Patricia Brocos – Lazo, De Romaña & Gagliuffi Abogados; Yésica Del Carpio – Lazo, De Romaña & Gagliuffi Abogados; Juan Manuel Pazos – Lazo, De Romaña & Gagliuffi Abogados; Luis Marcelo de Bernardis Llosa – Miranda & Amado Abogados; Gabriela Dañino Sinclair – Miranda & Amado Abogados; Daniela Higueras Elías – Miranda & Amado Abogados; John Vetterli – White & Case; Lucia Benabentos – White & Case; Alejandro Camacho – Clifford Chance; Per Chilstrom – Clifford Chance; Alejandro Espitia – Clifford Chance; Mariana Estévez – Clifford Chance; Avrohom Gelber – Clifford Chance; Caroline Phillips – Clifford Chance; Martin Menski – Clifford Chance; Alberto Haito – Clifford Chance; Diego Harman – Clifford Chance;

Law Firms: Lazo, De Romaña & Gagliuffi Abogados; Miranda & Amado Abogados; White & Case; Clifford Chance;

Clients: Citigroup Global Markets Ltd; Goldman, Sachs & Co.; HSBC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; JP Morgan Securities; Petróleos (PetroPerù) del Perú S.A.;

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Author: Ambrogio Visconti