Peruvian polymetallic miner Volcan is moving forward with its financial restructuring plans and evaluating a new loan and bond issue for up to US$875mn.
The company, which has 12 mines and eight processing plants – and a 40% stake in the Chancay megaport – is negotiating a new guaranteed syndicated loan for up to US$400mn, and the issuance of bullet bonds for up to US$475mn.
The loan will mature in 2029 – with quarterly amortizations starting in 2025 – while the bonds will mature in 2030, the company announced at its latest shareholders meeting.
Early this year, Volcan hired BofA Securities, Moelis & Company and Shearman & Sterling as financial advisors to find options for US$365mn in bonds maturing in 2026 and a syndicated term loan of US$400mn.
Under its financial restructuring, Volcan has sold its participation in electricity generation company Río Baños, and is in the process of selling its subsidiary…
