Buenaventura Announces the Completion of Its Debt Reprofiling
June 30 2016 - 6:20PM
Business Wire
Compañía de Minas Buenaventura S.A.A. (“Buenaventura” or “the
Company”) (NYSE:BVN; Lima Stock Exchange: BUE.LM), Peru’s largest
publicly traded, precious metals mining company, today announced a
US$ 275 million syndicate loan agreement with 7 banks, in line with
its cash preservation strategy.
At the beginning of 2016, Buenaventura announced its updated
financial strategy aimed at cash preservation. The main objectives
include:
- A cost reduction plan
- CAPEX discipline
- A dividend from Yanacocha (US$131
million)
- Debt Reprofiling
The proceeds of the loan will be allocated towards:
- Prepayment of US$245 million short-term
debt
- General corporate purposes
Details of the Syndicate loan are:
- Type: Senior Unsecured Syndicated Term
Loan Facility
- Interest Rate: Libor (3-months) +
3.0%
- Maturity: 5 years (including 2-year
grace period)
- Principal Amortization: Semi-annual
installments, beginning in 2018
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest,
publicly traded precious metals Company and a major holder of
mining rights in Peru. The Company is engaged in the mining,
processing, development and exploration of gold and silver and
other metals via wholly owned mines, as well as through its
participation in joint exploration projects.
Buenaventura currently operates several mines in Peru
(Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja
and Coimolache) and is developing the Tambomayo and San Gabriel
Projects.
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership
with Newmont Mining Corporation), an important precious metal
producer and 19.58% of Sociedad Minera Cerro Verde, an important
Peruvian copper producer.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release may contain forward-looking information (as
defined in the U.S. Private Securities Litigation Reform Act of
1995) that involve risks and uncertainties, including those
concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and
expenses, results of exploration, the continued improving
efficiency of operations, prevailing market prices of gold, silver,
copper and other metals mined, the success of joint ventures,
estimates of future explorations, development and production,
subsidiaries’ plans for capital expenditures, estimates of reserves
and Peruvian political, economic, social and legal developments.
These forward-looking statements reflect the Company’s view with
respect to the Company’s, Yanacocha’s and Cerro Verde’s future
financial performance. Actual results could differ materially from
those projected in the forward-looking statements as a result of a
variety of factors discussed elsewhere in this Press Release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160630006411/en/
Contacts in Lima:Compañía de Minas Buenaventura
S.A.A.Carlos Galvez, 511-419-2540Chief Financial
OfficerorDaniel Dominguez, 511-419-2591Manager of Financial
Planning and Investor
Relationsdaniel.dominguez@buenaventura.peorRodrigo Echecopar,
511-419-2609Investor Relations
Coordinatorrodrigo.echecopar@buenaventura.peorContacts in New
York:i-advize Corporate CommunicationsMaria Barona / Rafael
Borja212-406-3691/3693buenaventura@i-advize.comorVisit our
website:www.buenaventura.com/ir
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