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Cerro Del Águila Kallpa OFFERING MEMORANDUM CONFIDENTIAL Cerro del Águila U.S.$650,000,000 4.125% Senior Notes due 2027 Unconditionally guaranteed by Kallpa Generación S.A. Kallpa Cerro del Águila S.A., a corporation (sociedad anónima) organized under the laws of Peru (“Cerro del Águila” or the “Issuer”), is offering U.S.$650,000,000 aggregate principal amount of 4.125% Senior Notes due 2027 (the “notes”). The shareholders and the boards of directors of the Issuer and Kallpa Generación S.A., a corporation (sociedad anónima) organized under the laws of Peru (“Kallpa” or the “Guarantor”), have approved the merger of Kallpa into the Issuer (the “Merger”). The Merger will become effective upon the execution of the corresponding merger public deed, which is expected to occur shortly after the notes are issued. Until the Merger becomes effective on the issue date of the notes, the notes will be fully and unconditionally guaranteed on an unsecured basis by Kallpa. See “The Merger and Unaudited Pro Forma Combined Financial Information.” The notes will mature on August 16, 2027. Interest will accrue from August 16, 2017 and will be payable on February 16 and August 16 of each year, beginning on February 16, 2018. The Issuer may redeem the notes, in whole or in part, at any time prior to May 16, 2027, by paying the greater of the outstanding principal amount of the notes and the “make-whole” amount, plus, in each case, accrued and unpaid interest. On or after May 16, 2027, the Issuer may redeem the notes, in whole or in part, by paying the outstanding principal amount of the notes plus accrued and unpaid interest. The Issuer may also redeem the notes, in whole but not in part, at any time in the event of certain changes in tax laws at a price equal to the outstanding principal amount of the notes plus accrued unpaid interest and any additional amounts. The notes will be senior unsecured obligations of the Issuer and will be pari passu in right of payment to all of the Issuer’s existing and future unsecured and unsubordinated indebtedness, except those obligations preferred by operation of Peruvian law. The guarantee of the notes will be a general, unsecured, senior obligation of the Guarantor and will be pari passu in right of payment to all of the Guarantor’s existing and future unsecured and unsubordinated indebtedness, except those obligations preferred by operation of Peruvian law. Issue Price: 99.870% plus accrued interest, if any, from August 16, 2017 See “Risk Factors” beginning on page 18 for a discussion of certain risks that you should consider in connection with an investment in the notes. The notes have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The notes may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to non-U.S. persons outside the United States in reliance on the exemption from registration provided by Regulation S of the Securities Act. For a description of certain restrictions on transfer of the notes, see “Transfer Restrictions.” The notes and the information contained in this offering memorandum have not been and will not be registered with or approved by the Peruvian Superintendency of Securities (Superintendencia del Mercado de Valores, or the “SMV”) or the Lima Stock Exchange (Bolsa de Valores de Lima, or the “BVL”). Accordingly, the notes cannot be offered or sold in Peru, except if such offering is considered a private offer under the securities laws and regulations of Peru. The notes cannot be offered or sold in Peru except in compliance with the securities laws thereof. The Issuer will apply to the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for permission for the listing and quotation of the notes on the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this offering memorandum. Approval in-principle received for the listing and quotation of the notes on the SGX-ST is not to be taken as an indication of our merits or the merits of the notes. We expect that delivery of the notes will be made to investors in book-entry form through The Depository Trust Company (“DTC”) for the accounts of its participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking, société anonyme, on or about August 16, 2017. Joint Book-Running Managers Credit Suisse J.P. Morgan Scotiabank Credicorp Capital The date of this offering memorandum is August 9, 2017. TABLE OF CONTENTS PAGE NOTICE TO RESIDENTS OF PERU .........................................................................................................................iii PRESENTATION OF FINANCIAL AND OTHER INFORMATION .......................................................................iv CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS .......................................vi ENFORCEMENT OF CIVIL LIABILITIES.............................................................................................................viii AVAILABLE INFORMATION ................................................................................................................................... x CERTAIN TERMS USED IN THIS OFFERING MEMORANDUM.........................................................................xi EXCHANGE RATE INFORMATION...................................................................................................................... xiv SUMMARY .................................................................................................................................................................. 1 RISK FACTORS......................................................................................................................................................... 18 USE OF PROCEEDS.................................................................................................................................................. 39 CAPITALIZATION.................................................................................................................................................... 40 SELECTED FINANCIAL DATA .............................................................................................................................. 41 THE MERGER AND UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION ........................ 44 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS............................................................................................................................................................ 49 INDUSTRY................................................................................................................................................................. 77 BUSINESS.................................................................................................................................................................. 83 REGULATION ......................................................................................................................................................... 105 MANAGEMENT ...................................................................................................................................................... 116 PRINCIPAL SHAREHOLDERS.............................................................................................................................. 119 RELATED PARTY TRANSACTIONS ................................................................................................................... 121 DESCRIPTION OF THE NOTES ............................................................................................................................ 123 TAXATION .............................................................................................................................................................. 147 PLAN OF DISTRIBUTION ..................................................................................................................................... 151 TRANSFER RESTRICTIONS ................................................................................................................................. 159 VALIDITY OF THE NOTES ................................................................................................................................... 161 INDEPENDENT AUDITORS .................................................................................................................................. 161 GENERAL INFORMATION ................................................................................................................................... 162 INDEX TO FINANCIAL STATEMENTS................................................................................................................F-1 Unless otherwise indicated or the context otherwise requires, all references in this offering memorandum to “Cerro del Águila” or the “Issuer” are to Cerro del Águila S.A., all references to “Kallpa” or the “Guarantor” are to Kallpa Generación S.A. and all references to “we,” “us,” “our” and words of similar effect refer to both Cerro del Águila and Kallpa, considered as a combined entity. For the sale of the notes in the United States, we are relying upon exemptions from registration under the Securities
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