Buenaventura’s $650 Million Offering and Concurrent Tender Offer

Cleary Gottlieb represented BTG Pactual and J.P. Morgan, as initial purchasers and dealer managers, in a global bond offering and concurrent tender offer by Compañía de Minas Buenaventura S.A.A. (Buenaventura), an NYSE-listed Peruvian mining company.

The transaction consisted of a Rule 144A/Regulation S offering of $650 million of its 6.8% senior notes due 2032 and a concurrent abbreviated offer to purchase for cash any and all of its outstanding 5.5% senior notes due 2026.

The offering launched on January 23, 2025, priced on January 30, 2025, and settled on February 4, 2025. The tender offer launched concurrently on January 23, 2025, expired on January 29, 2025, and settled on February 4, 2025. The notes are expected to be listed on the Singapore Exchange Securities Trading Limited.

Buenaventura is Peru’s largest publicly traded precious metals company in terms of market capitalization. It is engaged in the exploration, mining, and processing of gold, silver, copper, and other metals in Peru. It mainly produces refined gold and silver, either as concentrates or doré bars, and copper and other metals such as lead and zinc, as concentrates that it distributes and sells locally and internationally.