San Miguel Industrias PET’ $300 Million Notes Offering


Shearman & Sterling, Sacovertiz & Landerer, Skadden, Arps, Slate, Meagher & Flom and Miranda & Amado advised on the transaction

San Miguel Industrias PET finalized its (i) Rule 144A and Regulation S offering of $300 million senior guaranteed notes due 2022 (the “2022 Notes”) and (ii) concurrent tender offer of $200 million senior guaranteed notes due 2020 (the “2020 Notes”) and the solicitation of consents to amend the related indenture (the “2020 Indenture”) in order to, among other things, eliminate substantially all of the restrictive covenants and certain events of default and reduce the minimum notice period required for optional redemptions of the 2020 notes to four days. The 2022 notes pay interest at a rate of 4.5% per annum and the 2020 notes pay interest at a rate of 7.75% per annum. The Company used part of the proceeds from the 2022 notes offering to purchase $120,612,000 aggregate principal amount, or 60.31%, of the 2020 notes pursuant to the tender offer, resulting in the settlement of the tender offer, amendment of the 2020 Indenture and closing of the 2022 notes offering on September 18, 2017. The Company called for redemption of the untendered 2020 notes, which have been redeemed with part of the proceeds from the 2022 notes offering.

Citi Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC acted as initial purchasers.

The Company is one of the leaders in rigid plastic packaging in the Andean and Central American & Caribbean regions, and serves the main Latin American consumer good companies in the beverage, food, personal and home care segments. The Company currently operates plants located in seven different countries in Latin America: Peru, Colombia, Ecuador, El Salvador, Guatemala, Mexico and Panama. It produces a broad range of rigid plastic solutions, including polyethylene terephthalate (PET) and high-density polyethylene bottles, PET preforms, closures, recycled and flake, and thin wall products. Its products are manufactured with advanced best-in-class, high-speed injection, blow and compression molding equipment.

The Shearman & Sterling advised San Miguel Industrias PET S.A. with partner Antonia Stolper (New York-Capital Markets); counsel Alejandro Gordano (London-Capital Markets); associate Robert Powel (New York-Capital Markets); and visiting attorney Juan Vignolo (New York-Capital Markets). Other Shearman & Sterling lawyers involved in the transaction were counsel Jeffrey Tate and associate Michael Daly (both Washington, DC-Tax).

In Lima, Sacovertiz & Landerer advised San Miguel Industrias PET S.A. Carlos Saco-Vertiz Tudela. Asociado Jaime Sabat Pancorvo.

Skadden, Arps, Slate, Meagher & Flom LLP advised the initial purchasers with Andrea Nicolas, Hugo Triaca, Annabelle Gardere and Jolie Yang.

In Lima, Miranda & Amado Abogados advised the initial purchasers with Rocío Liu, Juan Luis Avendaño Cisneros, Gabriela Dañino, José Villafuerte, Alberto Ventura, Ariana Rodríguez, Ricardo Carrasco, Luis Miguel Sánchez, Sandra Lock and Alonso Salazar.

Involved fees earner: Carlos Saco-Vertiz Tudela – Sacovertiz & Landerer; Jaime Sabat Pancorvo – Sacovertiz & Landerer; Rocío Liu Arévalo – Miranda & Amado Abogados; Juan Luis Avendaño – Miranda & Amado Abogados; Gabriela Dañino Sinclair – Miranda & Amado Abogados; José Villafuerte Mendoza – Miranda & Amado Abogados; Ricardo Carrasco Huamaní – Miranda & Amado Abogados; Alberto Ventura – Miranda & Amado Abogados; Sandra Lock Benavides – Miranda & Amado Abogados; Arianna Rodriguez – Miranda & Amado Abogados; Luis Miguel Sánchez Bao – Miranda & Amado Abogados; Alonso Salazar Zimmermann – Miranda & Amado Abogados; Andrea Nicolas – Skadden Arps Slate Meager & Flom; Hugo Triaca – Skadden Arps Slate Meager & Flom; Annabelle Gardere – Skadden Arps Slate Meager & Flom; Jolie Yang – Skadden Arps Slate Meager & Flom; Antonia Stolper – Shearman & Sterling; Alejandro Gordano – Shearman & Sterling; Jeffrey Tate – Shearman & Sterling; Michael Daly – Shearman & Sterling;

Law Firms: Sacovertiz & Landerer; Miranda & Amado Abogados; Skadden Arps Slate Meager & Flom; Shearman & Sterling;

Clients: Citigroup Global Markets Ltd; Merrill Lynch, Pierce, Fenner & Smith Incorporated; JP Morgan Securities; San Miguel Industrias PET S.A.;

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Author: Ambrogio Visconti