By Rebecca Melvin
New York, June 11 – Credicorp Ltd. priced $500 million 2¾% five-year notes (BBB/BBB+) to yield 2.867%, or yield spread of 250 basis points over U.S. Treasuries, according to a company news release on Thursday.
The offering received more than $4 billion of demand from nearly 200 institutional investors in Latin America, the United States, Europe and Asia, the release stated.
The transaction marks Credicorp’s inaugural public debt offering at the holding company level. Credicorp intends to use the net proceeds to fund general corporate purposes and increase the company’s liquidity position.
The issuance is expected to settle on June 17, subject to customary closing conditions.
BofA Securities, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, are acting as joint bookrunning managers for the offering.
Credicorp is a financial services holding company based in Lima, Peru.
| Issuer: | Credicorp. Ltd.
|
| Amount: | $500 million
|
| Description: | Notes
|
| Maturity: | June 17, 2025
|
| Bookrunners: | BofA Securities, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Coupon: | 2¾%
|
| Yield: | 2.867%
|
| Spread: | Treasuries plus 250 bps
|
| Announcement date: | June 11
|
| Settlement date: | June 17
|
| Ratings: | S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
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