Industrias Peñoles in $600 Million Offering

July 30, 2020

Cleary Gottlieb represented Industrias Peñoles S.A.B. de C.V. (Industrias Peñoles) in its international offering of $500 million 4.75% senior notes due 2050 and a $100 million reopening of its 4.15% senior notes due 2029.

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. Bank of America acted as global coordinator, and Bank of America and J.P. Morgan acted as joint bookrunners. The offering, which was announced on July 29, 2020, priced on July 30, 2020, and is expected to close on August 6, 2020.

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, 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.