Rubio Leguía Normand advised Petróleos del Perú – Petroperú S.A. (PETROPERU), the largest hydrocarbon producer in Peru, on its successful return 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.
The Firm's team was led by partner Andrés Kuan-Veng and included partner Diego Grisolle, consultant Gilberto Ramos and associates Germán Gómez, Nancy Ogata and Yajahida Ramírez.