Rubio Leguia Normand assisted Petroperu in the consent solicitation from the Holders of its outstanding (i) 4.750% Notes Due 2032 (the "2032 Notes") and (ii) 5.625% Notes Due 2047 (the "2047 Notes" and, collectively with the 2032 Notes, the “Notes” and each a "Series") to certain proposed amendments to the indentures governing the Notes (the “Consent Solicitation”).
The purpose of the Consent Solicitation and the Proposed Amendments is to extend the timeframe within which the Company must deliver its audited financial statements for the 2021 fiscal year pursuant to the indentures governing the Notes.
As a result of the Consent Solicitation, Petroperu obtained at the end of May the consent of the majority of bondholders to present its audited financial statements for Fiscal Year 2021, in September 2022.
Petróleos del Perú – Petroperú S.A. established in 1981 as a Public Limited Company pursuant with Legislative Decree No 43 (founded in 1969), Petroperú is the largest hydrocarbon corporate entity in Peru in terms of total sales and the largest enterprise of the Peruvian sovereign (100% owned by Peru). It is also Peru’s second largest refiner in terms of refining volume capacity and forms a critical part of the country’s energy infrastructure and economy. Likewise, it is worth noting that the approval obtained has demonstrated the confidence of the international market in the financial soundness of the state-owned company in the long term.
Value of the deal: US$ 3 billion
Closing Date: May 31, 2022
Lawyers acting in the transaction: Partner Andrés Kuan-Veng and Associate Germán Gómez..