Milbank LLP represented the initial purchasers in connection with the $600 million inaugural Rule 144A/Reg S offering of 6.375% senior trust enhanced notes due 2028 by Hunt Oil Company L.L.C., Sucursal del Perú, a branch organized and existing under the laws of Peru. Hunt Oil Company engages in the exploration and production of oil and gas in the United States and internationally.
The holders of the notes will have the benefit of a retention event trust through which all of the company’s cash flow will pass through until such time as there is a “Retention Event” at which time all cash will be collected and retained in the retention event trust and distributed by the retention event trustee. The company will use the net proceeds from the offering and cash on hand to repay in full its intercompany loan, term loan and to call for redemption of the entire $355 million aggregate principal amount of its local Peruvian bonds.
The Milbank deal team was led by partner Marcelo Mottesi, head of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group, along with associates Jonathon Jackson, Jillian Martynec and Leandro Belusci.
Mr. Mottesi said: “Milbank is pleased to represent the initial purchasers in another inaugural bond offering in Latin America and maintain our leading presence within the Peruvian market.”
Milbank continues to have a strong presence in Peru and a deep client base in the country. Recent representations in Peru include: the $940 million 144A/Reg S offering by Peru LNG, the $450 million bond offering and subsequent $150 million re-tap by Inkia Energy Limited and the $340 million inaugural bond offering by Fenix Power Perú S.A.
