U.S. markets closed

  • S&P Futures

    4,058.25
    -0.50 (-0.01%)
     

  • Dow Futures

    33,538.00
    +30.00 (+0.09%)
     

  • Nasdaq Futures

    12,992.75
    -5.75 (-0.04%)
     

  • Russell 2000 Futures

    2,131.80
    +0.30 (+0.01%)
     

  • Crude Oil

    65.53
    -0.55 (-0.83%)
     

  • Gold

    1,813.80
    -9.00 (-0.49%)
     

  • Silver

    27.11
    -0.13 (-0.49%)
     

  • EUR/USD

    1.2077
    +0.0001 (+0.01%)
     

  • 10-Yr Bond

    1.6950
    +0.0710 (+4.37%)
     

  • Vix

    27.59
    +5.75 (+26.33%)
     

  • GBP/USD

    1.4056
    -0.0001 (-0.01%)
     

  • USD/JPY

    109.7640
    +0.1040 (+0.09%)
     

  • BTC-USD

    49,290.36
    -7,625.36 (-13.40%)
     

  • CMC Crypto 200

    1,341.94
    -221.90 (-14.19%)
     

  • FTSE 100

    7,004.63
    +56.64 (+0.82%)
     

  • Nikkei 225

    27,952.35
    -195.16 (-0.69%)
     

Cobre del Mayo, S.A. de C.V. Announces Final Results of its Exchange Offer and Consent Solicitation

·2 min read

MEXICO CITY, May 12, 2021 /PRNewswire/ -- Cobre del Mayo, S.A. de C.V. ("CDM") announces today that it has accepted for exchange all of the $120,116,745 aggregate principal amount of its Senior Secured PIK Toggle Notes due 2021 (ISIN: XS1354863612 and XS1354862564; Common Codes: 135486361 and 135486256) (the "Existing Notes"), or approximately 95.92% of the $125,228,986 aggregate principal amount outstanding of its Existing Notes, that have been validly tendered and not validly withdrawn as of 11:59 p.m., New York City time, on May 7, 2021 (such time and date, the "Expiration Date), in its previously announced offer (the "Exchange Offer") to Eligible Holders described below to exchange any and all of its Existing Notes.

In conjunction with the Exchange Offer, CDM obtained consents representing approximately 95.92% of the Existing Notes outstanding, pursuant to the terms and subject to the conditions of the consent solicitation (the "Consent Solicitation") to amend the indenture governing the Existing Notes to eliminate most of the restrictive covenants set forth in such indenture (the "Proposed Amendments").

On the settlement date of the Exchange Offer, which is expected to occur on May 13, 2021, CDM will issue $18,718,288 in aggregate principal amount of its Senior Secured Notes due 2026 (ISIN: XS2343881343 and XS2343881772; Common Codes: 234388134 and 234388177) and $106,653,522 in aggregate principal amount of its Senior Secured PIK Toggle Notes due 2030 (ISIN: XS2343881855 and XS2343881939; Common Codes: 234388185 and 234388193).

Please click to the link below to see the press release that summarizes the final results of its Exchange Offer and Consent Solicitation. Securities offered in the exchange offer will not be registered under the U.S. Securities Act and are offered pursuant to applicable exemptions from the registration requirements of the Act.

http://www.cobredelmayo.com/misc/CDM-Press-Release-Final-Results12-May2021.pdf

The press release is also available through the website www.cobredelmayo.com

Cision
Cision

View original content:http://www.prnewswire.com/news-releases/cobre-del-mayo-sa-de-cv-announces-final-results-of-its-exchange-offer-and-consent-solicitation-301290339.html

SOURCE Cobre del Mayo, S.A. de C.V.

Recommended Stories

  • Detroit Pistons, Dwane Casey agree to extension through 2023-24 season

    In March, Troy Weaver said Dwane Casey is the "best coach in the world" to lead the rebuild. He'll get to do it for an extra year.

  • LOOK: Bears QB Justin Fields has arrived at Halas Hall ahead of Rookie Minicamp

    Here's a look at Bears QB Justin Fields' locker at Halas Hall ahead of Rookie Minicamp.

  • Falcons open as favorites for Week 1 matchup against the Eagles

    The Falcons open as favorites in their Week 1 game against the Philadelphia Eagles.

  • Hedge funds bet on subscription-based businesses, pharmacy and copper

    Hedge fund managers on Wednesday recommended buying stocks of companies they believe will benefit from the movement of many services online, even though society is expected to return to more human contact after the global coronavirus pandemic ends. Investors presented ideas ranging from food delivery to copper mining at the virtual Sohn Investment Conference, which gathers hedge fund managers annually to pitch their top bets and raise money for a charity funding research in pediatric cancer treatments. Andrew Nunneley at Glenernie Capital said he believed German's HelloFresh had a huge opportunity to capture market share with meal-kit delivery companies currently accounting for a mere 1% of the grocery market.

  • Iron Ore’s ‘Ridiculous’ Prices to Stay as Fear Grips Commodities

    (Bloomberg) -- Iron ore’s stunning surge won’t fade anytime soon because buyers remain nervous about being caught short as global demand accelerates amid lingering supply threats, according to a veteran commodities trader.The steelmaking material soared past $230 a ton Wednesday to a fresh record for Singapore futures, amid a broadening commodities boom. While steel demand and production are strengthening, many analysts argue market fundamentals alone don’t justify such high prices. That won’t halt further gains, according to Andrew Glass, Singapore-based founder of Avatar Commodities Ltd.“Logic dictates that these are ridiculous prices but fear will continue to keep the scramble going,” said Glass, a former head of ferrous trading at mining major Anglo American Plc, who has traded commodities since the 1990s. “There is fear of not being able to secure the logistics and the resources you need -- $220 is expensive, but it’s much more expensive if you have to shut down a mill because you can’t get material.”Industrial commodities and shipping costs are spiking as buyers hurry to secure raw materials with global industries from manufacturing to construction gearing up again as the pandemic fades. That adds to strong demand from China, where elevated steel margins are providing support for high iron ore prices. They could test $250 in the coming 12-18 months, according to Oversea-Chinese Banking Corp.China’s steel and iron ore futures also jumped to record highs Wednesday. The nation’s steelmakers are ramping up production in defiance of government attempts to rein in output to control the industry’s carbon emissions, while robust profit margins are enabling mills to better accommodate surging input costs.Amazing MotivatorIron ore is “grossly overpriced at the moment, but fear is an amazing motivator and prices are a reflection of fear,” Glass said. “You’re seeing fear more broadly with gold prices up, the dollar down, there is a flight to safety, and there is a certain amount of fear feeding into commodities markets.”China relies on just two countries -- Brazil and Australia -- for 80% of its iron ore imports. Brazil is grappling with a deadly surge of the coronavirus, and there are global concerns about the Covid-19 variant that’s overwhelming India. Separately, China’s fraying ties with Australia have added another element of risk to the market.“From Brazil, those boats are 40 days away,” Glass said. “So any more problems in Brazil because of the virus, you better make sure you are well-covered. And if politics between Australia and China does get to the point of creating a problem with Australian supply, and there is a Brazil issue too, then security of supply becomes very, very important.”Iron ore in Singapore rose as much as 5.7% to reach a record $233.55 a ton and traded at $232.20 at 2:25 p.m. local time. Iron ore on China’s Dalian exchange and steel rebar in Shanghai also both advanced to fresh all-time highs.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • JPMorgan to bring all staff back to office in England - memo

    JPMorgan will step up the return of all of its employees in England to working at least part of their week in its offices from June 21st, according to a memo seen by Reuters on Tuesday. The U.S. lender will still cap occupancy at 50% in its main London and Bournemouth hubs, it said, and the plans are dependent on there being no changes to government plans to ease remaining COVID-19 related restrictions. "We expect in the weeks that follow that June date, all employees in England will be in the office on a consistent schedule," the bank said.

  • Wall Street skids on inflation fears; USD, bond yields jump

    NEW YORK (Reuters) -U.S. stocks suffered the biggest slump in at least 11 weeks on Wednesday and benchmark Treasury yields jumped after data showed consumer prices in April unexpectedly rose by the highest level in nearly 12 years, prompting bets on earlier interest rate hikes. A 0.8% jump in the U.S. consumer price index - outpacing a 0.2% forecast - boosted the U.S. dollar as expectations of rising real interest rates burnished the currency's appeal. The gyrations in financial markets underscored concerns among some investors that the Federal Reserve could be wrong in its prediction that inflation pressures in the United States are temporary, and that the central bank may have to raise rates sooner than it expects.

  • Gold Price Futures (GC) Technical Analysis – Strong Over $1846.30, Weak Under $1830.50; Watch for Reversal Top

    The direction of the market on Tuesday will be determined by trader reaction to yesterday’s high at $1846.30 and yesterday’s low at $1830.50.

  • Final leg of Huawei CFO extradition hearings set to resume in August

    Huawei Chief Financial Officer Meng Wanzhou and her legal team are set to return to court for three more weeks of extradition hearings starting Aug. 3, following a fourth attempt by Meng’s lawyers to introduce new evidence, a Canadian court heard on Wednesday. Meng, 49, was arrested at Vancouver International Airport on a U.S. warrant for bank fraud in December 2018. Meng maintains she is innocent of the charges and has been fighting her extradition while living under house arrest in Vancouver.

  • Traders not betting on a quick U.S. market rebound as tech stocks tumble

    Traders have been placing more bearish bets on equity derivatives in recent days, data showed on Wednesday, indicating less confidence in U.S. stocks rebounding from a sharp sell-off which has particularly hit high-flying tech names. Investors' tendency to look past minor wobbles in stocks as the S&P 500 rallied about 90% over the past year or so has been a key feature of the equity market since it rebounded from March 2020 pandemic lows and has helped make market pullbacks shallow and brief. The S&P 500 Index was down 1.7%, while the Nasdaq Composite was 2.3% lower.

  • AmCham Calls for U.S., China to Reduce 'Unhelpful Rhetoric'

    May.11 -- Greg Gilligan, AmCham Chairman, discusses the organization's annual white paper, where they called for both the U.S. and Chinese governments to reduce unproductive rhetoric and reopen lines of communication. He speaks with David Ingles on "Bloomberg Markets: China Open."

  • Momentus to the Moon? Retail Investors Need to Vote 3% of Shares by Wednesday Night to Save Deal

    Stable Road has attracted more votes but remains 3% short of the 65% needed to approve an extension amendment Extension amendment must be approved by May 13 meeting to prevent SPAC from being dissolved Last chance to vote online is Wednesday, May 12 at 11:59 pm ET Investors show support for deal with stock trading […]

  • Canada Sells Its Largest U.S. Dollar Bond Since 2015

    (Bloomberg) -- Canada sold $3.5 billion of bonds in its largest sale in the U.S. dollar debt market in more than six years.The North American country priced five-year bonds to yield 6 basis points over U.S. Treasuries, in line with its most recent sale in January 2020, according to people with knowledge of the matter. The transaction received more than $7 billion of orders, said the people, who asked not to be identified because the details are private.The “bond provides funds to supplement and diversify Canada’s liquid foreign reserves,” the Department of Finance said in an statement Monday before the terms of the deal were set.The country, which retains top investment-grade ratings from two out of the three largest credit rating companies, is returning to the international debt markets for the first time since the start of the pandemic as its central bank adopts a relatively hawkish tone. Bank of Canada reduced the pace of its government bond purchases last month, and plans even less intervention later this year, according to projections by market analysts.The central bank cut its federal government bond purchases by C$1 billion ($827 million) to C$3 billion per week in April, and may slow to C$2 billion at its July monetary policy meeting and C$1 billion in September, Laurentian Bank Securities’ economists Sebastien Lavoie and Dominique Lapointe said in a note to investors Tuesday.Canada’s economy is expected to grow 6.1% this year, up from a 5.4% decline in 2020, according to analysts’ consensus compiled by Bloomberg. The survey sees the U.S. economy, Canada’s largest trade and investment partner, expanding by 6.3% in 2021 after a 3.5% contraction in 2020. Even as the economy recovers, Canada’s labor market hit a snag in April as a third wave of lockdowns and Covid-19 restrictions led to job losses.Canada’s bond deal is also the first transaction in the U.S. dollar currency since Fitch Ratings downgraded it to its second highest investment-grade level, citing higher public debt ratios. Canada sold $3.5 billion of 3-year bonds in March 2015.BMO Capital Markets, BofA Securities, J.P. Morgan Chase & Co., Scotiabank and TD Securities arranged today’s deal.(Updates to say the deal is priced.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Commerzbank trades its way to surprise Q1 profit as raises outlook

    FRANKFURT (Reuters) -Commerzbank raised its revenue outlook on Wednesday after surprising investors by swinging back to profit in the first quarter, buoyed by strong trading commissions. Shares in Germany's second biggest bank rose 7% after the better-than-expected performance, which Commerzbank said was largely attributable to net commission income from securities trading, a rebound that has also helped other banks. Commerzbank posted a net profit of 133 million euros ($161 million) in the three months to March 31, against a loss of 291 million euros a year earlier.

  • FAANG Slips On Fear Of Money Tightening, Regulatory Action To Tame Big Tech

    By Dhirendra Tripathi

  • Stock market news live updates: Stocks rocked by inflation fears, Dow, Nasdaq, S&P tank by over 2%

    Inflation fears are dogging Wall Street at a time when the U.S. rebound is picking up speed.

  • Ark's Cathie Wood predicts 'serious correction' in commodities

    The sell-off in high-growth stocks since the beginning of the year does not signal the end to the tech rally that began during the coronavirus pandemic in 2020, said Ark Invest's Cathie Wood, whose ARK Innovation ETF was the top-performing U.S. equity fund last year. Wood, whose flagship fund suffered its largest outflows on record last week, said in a webinar Tuesday that she sees spiking commodity prices as a sign that businesses are double or triple ordering supplies as they try to restart their global supply lines. Fears of inflation have weighed heavily on growth stocks since the start of the year and helped bolster value stocks, which tend to benefit from rising commodities and higher interest rates.

  • USD/JPY Price Forecast – US Dollar Rises After Hot CPI

    The US dollar rallied a bit during the course of the trading session on Wednesday as the CPI numbers came out much hotter than anticipated.

  • GBP/USD Daily Forecast – British Pound Pulls Back

    GBP/USD failed to settle above the resistance at 1.4150 and declined towards 1.4120.

  • Cathie Wood’s Misery Mounts as ARKK Assets Dip Below $20 Billion

    (Bloomberg) -- Cathie Wood’s miserable month continued on Tuesday, as her flagship exchange-traded fund extended declines and its assets dropped below $20 billion to the lowest since January.The Ark Innovation ETF (ticker ARKK) slid 1% as of 9:47 a.m. in New York. Caught in a broad tech selloff, the product has fallen for nine of the past 10 sessions, a retreat that accelerated on Monday in the biggest slide in about seven weeks.Tesla Inc., the fund’s biggest holding, was down 3.5% on Tuesday. Teladoc Inc., also heavily weighted in the ETF, dropped less than 1%.The stock rotation out of expensive-looking tech names is proving tough for Wood and her firm, Ark Investment Management, with investors pulling more than $500 million from the main fund in May so far.Big bets on the likes of Tesla and Bitcoin lured billions to Ark’s products, but more recently investors have been souring on the kind of pricey shares the money manager favors in companies with often unproven technologies. Other speculative corners of the market have also suffered, with an ETF tracking special-purpose acquisition companies slumping 20% this year.Read more: Rout Lands on Nasdaq Where Shorts Are Massing, Bulls Getting OutWith ARKK down some 34% from its February peak, options activity paints an increasingly gloomy picture. The number of bearish put contracts outstanding has jumped to a record. Short interest remains near an all-time high, according to data from IHS Markit Ltd.(Updates price moves throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.