(Bloomberg) -- Volcan Cia Minera, the Peruvian zinc miner that was recently acquired by Argentine group Integra Capital, said bondholders had tendered 81% of existing 2026 notes to be exchanged for ones maturing four years later.
The company received $294.7 million of notes from bondholders to swap for the newly issued 2030 bonds, according to a statement Friday. Volcan is now amending the offer to encourage more tenders by the final expiration date of Sept. 6. The first expiration date was Aug. 22.
The company has the obligation to exchange the debt if more than 90% is tendered.
Shareholders approved the proposal for creditors in late July, which included extending the maturity, according to a filing with the local regulator. The owners also voted to amend the miner’s syndicated credit agreement signed in 2021.
Transition Metals, a unit of Integra Capital, bought a controlling stake in Volcan in May for just $20 million, or 3% of what commodities giant Glencore Plc. paid for the same acquisition in 2017.
Jose Luis Manzano, head of Integra Capital, said at the time that Volcan planned to refinance obligations without imposing losses. Both creditors and the miner had hired advisers to reprofile the debt.
--With assistance from Vinícius Andrade.
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