Cementos Pacasmayo Completes Partial Cash Tender Offer
01.04.19
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The Firm recently represented Cementos Pacasmayo S.A.A. in connection with an offer to purchase for cash up to US$150 million aggregate principal amount of its outstanding US$300 million 4.5% Senior Notes due 2023. The purpose of the tender offer was to reduce overall debt outstanding and to reduce exposure to exchange rate fluctuations.
Holders of Notes tendered US$168.388 million principal amount of Notes in the offer, representing 56.13% of the aggregate principal amount outstanding, all of which were accepted for purchase in the offer. The Issuer paid an early tender premium of US$30 for each US$1,000 principal amount of Notes tendered. The transaction closed on December 11, 2018.
Cementos Pacasmayo is a cement manufacturing company with operations principally in the Northern region of Peru, which produces, distributes and sells cement and cement-related materials, such as concrete blocks and ready-mix concrete.
The Simpson Thacher team for the transaction included Jaime Mercado, Kirsten L. Davis and Miluska Gutierrez Vega (Capital Markets); and Jonathan E. Cantor and Sarah Duffy (Tax).