Petróleos del Perú – Petroperú S.A.’s US$1 Billion Notes Offering

Clifford Chance and Rubio Leguía Normand advised Petróleos del Perú – Petroperú S.A. on the deal, while Simpson Thacher and Estudio Echecopar (Baker McKenzie) advised the initial purchasers.

Petróleos del Perú – Petroperú S.A., the largest hydrocarbon producer in Peru and the largest single enterprise wholly-owned by the Peruvian sovereign, returned to the international capital markets since its debut transaction in 2017 with a reopening issuance of US$1 billion of 5.625% Notes due 2047 (the Notes), in a private placement transaction conducted pursuant to Rule 144A and Regulation S under the US Securities Act. 

PETROPERU will use used the proceeds from the issuance of the Notes and additional cash to finance the completion of the Talara Refinery Modernization Project. This project is an engineering megaproject expected to increase the efficiency of PETROPERU’s production process and reduce the environmental impact of its operations, and was declared of national public interest due to its importance to preserve air quality and the protection of public health in Peru. The transaction closed on February 11, 2021.

HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc. acted as initial purchasers for this offering.

The Clifford Chance’s wider transaction team included associates Mariana Estevez and Edwin Ramirez-Homs, and Rossmery Romero. Partner Avrohom Gelber (Picture) and law clerk Allison Kelly advised on tax matters.

In Perù, Rubio Leguía Normand advised Petroperú with a team including Andrés Kuan-Veng, Diego Grisolle, Gilberto Ramos, Nancy Ogata, Germán Gómez and Yajahida Ramírez.

Simpson Thacher advised the initial purchasers with Jaime Mercado, Kirsten L. Davis and Francisco Ducci (Capital Markets); and Jonathan Cantor, Dmitry Zelik and Scott Grundei (Tax).

In Perù, Estudio Echecopar (Baker McKenzie) advised the initial purchasers with Alonso Miranda Vargas, Pablo Berckholtz Velarde, Juan Carlos de los Heros Echecopar,  Renzo Luna Urquizo and Adrián Tovar Ayllón.

Involved fees earner: Pablo Berckholtz – Baker McKenzie; Juan Carlos de los Heros – Baker McKenzie; Alonso Miranda Vargas – Baker McKenzie; Adrian Tovar Ayllón – Baker McKenzie; Renzo Luna Urquizo – Baker McKenzie; Mariana Estévez – Clifford Chance; Avrohom Gelber – Clifford Chance; Allison Kelly – Clifford Chance; Edwin Ramirez-Homs – Clifford Chance; Rossmery Romero Pariachi – Clifford Chance; Germán Gómez – Rubio Leguía Normand; Diego Grisolle – Rubio Leguía Normand; Andrés Kuan-Veng Cabrejo – Rubio Leguía Normand; Nancy Ogata – Rubio Leguía Normand; Yajahida Ramírez – Rubio Leguía Normand; Gilberto Ramos – Rubio Leguía Normand; Jonathan Cantor – Simpson Thacher & Bartlett; Kirsten Davis – Simpson Thacher & Bartlett; Scott Grundei – Simpson Thacher & Bartlett; Jaime Mercado – Simpson Thacher & Bartlett; Dmitry Zelik – Simpson Thacher & Bartlett;

Law Firms: Baker McKenzie; Clifford Chance; Rubio Leguía Normand; Simpson Thacher & Bartlett;

Clients: HSBC Securities; J.P. Morgan Securities LLC; Petróleos del Perú – PETROPERÚ S.A.; Santander Investment Securities Inc.;

Martina Bellini

Author: Martina Bellini