To address short-term concerns, Volcan refinanced both its syndicated loan and international bond earlier this year. On the syndicated loan side, the Peru-based mining company now has a much smoother amortization schedule, with a balloon payment in July 2029. The newly issued USD 300m in international bonds are due in January 2030, with USD 68m still remaining in holdouts for the old 2026 bond.

As a result, we estimate total debt service payments of a little more than USD 100m in 2025, 2027 and 2028, with that number increasing to over USD 170m in 2026 due to the holdouts. In terms of sensitivities, every 100bps of reduction in the SOFR rate represents USD 4m in interest payments per year on the syndicated loan (See Figure 1).