Stracon closes $376-million (U.S.) financing for Perez

Executive Summary

• Stracon Group Holding Inc. has closed up to US$376 million in non-recourse project financing for the Perez Caldera infrastructure project in Chile.
• The financing supports the development, construction, ownership, operation, and maintenance of dedicated tailings infrastructure at Anglo American's Los Bronces copper operation.
• The transaction validates Stracon's infrastructure segment strategy, with the segment expected to represent approximately 50% of consolidated EBITDA within the next 18 to 24 months.

Key Details

• Total Financing Amount: Up to US$376 million.
• Financing Structure:
  • Up to US$345 million in term loans.
  • Up to US$31 million in debt service reserve letters of credit.
• Interest Rate: Compounded daily Secured Overnight Financing Rate (SOFR) plus a margin of 3.00% per annum.
• Repayment Terms: Scheduled quarterly amortization commencing October 15, 2027, with final maturity on October 15, 2030.
• Recourse: Non-recourse to Stracon; debt service supported by contracted, inflation-linked project cash flows under the Perez Caldera Build-Own-Operate-Maintain (BOOM) contract.
• Capital Structure: Maximum debt-to-equity ratio of 82.75 to 17.25 (consistent with 75-85% non-recourse project debt financing).
• Arrangers and Agents:
  • Joint Lead Arrangers/Bookrunners/Global Co-ordinators: Natixis and Sumitomo Mitsui Banking Corp (SMBC).
  • Senior Mandated Lead Arranger: Banco de Credito e Inversiones (BCI).
  • Administrative Agent: SMBC.
• Project Details:
  • Location: Los Bronces copper operation, Chile.
  • Counterparty: Anglo American.
  • Scope: Integrated engineering, construction, financing, and long-term operations and maintenance for tailings material conditioning, removal, and transport from the Perez Caldera tailings dam.
  • Award Date: December 2025.
• Strategic Impact: The project increases consolidated backlog and supports recurring revenue and cash flow visibility. The infrastructure segment is projected to contribute ~50% of consolidated EBITDA within 18-24 months.

Notable Quotes

• Andres Gutierrez Leiva, Chief Financial Officer: "The closing of this financing is a defining milestone for Stracon. It validates our infrastructure segment strategy, and confirms our ability to structure, finance and deliver large-scale mining infrastructure under long-duration contractual frameworks. The quality of the lending group and the terms of the financing reflect the strength of the underlying contract and the calibre of our counterparty."