Summary
Southern Copper Corporation (SCCO) filed an 8-K on May 10, 2006, reporting the issuance of an additional $400 million in 7.500% senior unsecured notes due 2035. These new notes are fungible with the existing $600 million of the same notes issued in July 2005, bringing the total principal amount outstanding for this series to $1 billion. The issuance aims to enhance the company's liquidity and financial flexibility. The notes are not registered under the Securities Act, but SCCO has committed to filing a registration statement for an exchange offer or a shelf registration for resales, providing investors with liquidity in the registered market.
Key Highlights
- 1Southern Copper Corporation issued an additional $400 million in 7.500% notes due 2035.
- 2The new notes are fungible with the previously issued $600 million 7.500% notes due 2035.
- 3The total principal amount outstanding for this note series is now $1 billion.
- 4The notes are senior unsecured obligations and rank pari passu with other unsecured and subordinated indebtedness.
- 5The company has the option to redeem the notes at a make-whole premium.
- 6SCCO will file a registration statement for an exchange offer or shelf registration for resales of the notes.
- 7The issuance occurred on May 9, 2006.