Clifford Chance

Clifford Chance advises PETROPERU on successful consent solicitation

New York: Leading international law firm Clifford Chance advised Petróleos del Perú – Petroperú S.A. (PETROPERU), the largest enterprise wholly-owned by the Peruvian sovereign, in connection with the successful consent solicitation directed to holders of its (i) 4.750% Notes due 2032 and (ii) 5.625% Notes due 2047 (together, the Notes).

The purpose of PETROPERU's consent solicitation, launched on May 23, 2022, was to obtain the requisite consents from holders to amend certain provisions of the indentures governing the Notes to extend the timeframe for PETROPERU to deliver its audited financial statements for the 2021 fiscal year until the end of September 2022.

After receiving the requisite consents from holders of the Notes under each of the relevant indentures, PETROPERU successfully completed the consent solicitation on June 1, 2022 by entering into supplemental indentures effecting the proposed amendments and paying the corresponding fee to consenting holders.

The Clifford Chance team was led by partner Hugo Triaca in New York and included associate Mariana Estévez, law clerk Joyce Moore, attorney David Rondon and summer law clerk Adele Irwin. Partner Avrohom Gelber and associate Tomislava Dragicevic advised on tax aspects of the transaction.

Clifford Chance advises on many of the landmark transactions in the Latin American market, including involving sub-sovereign issuers in the region. The firm advised PETROPERU on its US$1 billion notes issuance for Talara Refinery Modernization Project in 2021.