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Peru’s Interbank offers 3 3/8% notes due 2023 in exchange for $500 million of 5¾% notes due 2020
By Susanna Moon
Chicago, Jan. 11 – Banco Internacional del Peru SAA (Interbank) is offering to exchange up to $500 million of its Panamanian branch's outstanding 5¾% senior notes due 2020 for newly issued 3 3/8% senior notes due 2023.
The exchange offer will remain open until midnight ET on Feb. 7, and the early exchange deadline is 5 p.m. ET on Jan. 24.
The bank is holding the exchange “to manage the maturity profile of the company's existing debt by extending the maturity of a portion of its outstanding debt from 2020, the maturity of the existing notes, until 2023, the maturity of the new notes,” according to the bank announcement.
Holders who tender their notes for exchange before the early deadline will receive $1,082.19 of new notes for each $1,000 principal amount, which includes an early premium of $30 per $1,000 of notes.
Those who tender after the early deadline will receive the total exchange value less the early premium.
The issuer also will pay accrued interest up to but excluding the settlement date.
Notes must be tendered in minimum denominations of at least $150,000. The new notes will be issued in minimum denominations of $150,000 and in integrals of $1,000 after that.
The early exchange settlement date is expected to be Jan. 25, and the final exchange settlement date is expected to be Feb. 8.
The new notes to be issued in the exchange on the early date are expected to be consolidated, form a single series and be fully fungible with the company's $200 million of 3 3/8% notes due Jan. 18, 2023.
As reported, Interbank priced $200 million of 3 3/8% five-year notes on Jan. 10 at 99.936 to yield 3.389%, or a spread of Treasuries plus 105 basis points.
The exchange is only being solicited from holders who are qualified institutional buyers under Rule 144A or non-U.S. persons under Rule 902 or Regulation S.
D.F. King & Co., Inc. (800 330-5136, 212 269-5550 or dfking.com/bidp) is the information and exchange agent.
The issuer is a lender based in Lima, Peru.
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