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Volcan Cia Minera, the Peruvian zinc miner that was recently acquired by Argentine group Integra Capital, said it is pushing ahead with plans to sell non-core assets as it talks with creditors to refinance a pile of debt coming due in the coming years.
The idea is to extend maturities without imposing losses through a haircut, with the main negotiation around the interest rate, he said. The company is hoping to secure support from at least 90% of bondholders and will need all of the banks to back the plan. “We believe that the bonds will recover further after the planned debt payments in June and August are made,” Lucror credit analyst Josseline Jenssen wrote in a note Monday, raising her recommendation to buy from hold. She expects the refinancing process to take place “soon without imposing losses on creditors.”
Integra, run by Jose Luis Manzano, an Argentine with interests in oil and gas, mining and media, bought control of Volcan from Glencore for $20 million, assuming its debt load in the process. Net debt stood at $711 million at the end of the first quarter.
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