17 September 2014
Mayer Brown, a leading global law firm, acted as the lenders’ New York counsel on a transaction that LatinFinance magazine named “Best Mining Financing; Best Loan 2014” in the publication’s Infrastructure Finance Awards 2014. The annual awards recognize excellence in the Latin American infrastructure financing market.
Mayer Brown advised The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. as lead arrangers in a US $1.8 billion financing for Sociedad Minera Cerro Verde. The proceeds will be used to finance a portion of the cost of the US $4.6 billion expansion of the Cerro Verde copper and molybdenum mining complex in Peru. The borrower is a subsidiary of Freeport-McMoRan Copper & Gold Inc.
LatinFinance said that the loan was large, even among other impressive financings in Peru’s mining sector in 2014. “The demand the deal attracted was all the more impressive given the difficult time the global mining industry was going through,” the publication said.
The Mayer Brown team included: Banking & Finance – partner David Duffee and associate Augusto Ruiloba (both New York); Government & Global Trade – counsel Carol Bilzi (Washington DC); and Tax Transactions & Consulting – partner Jason Bazar (New York).
LatinFinance is a leading source of value-added financial markets intelligence for Latin America and the Caribbean.