Banco de Credito del Peru holders tender S/. 1.85 billion 4.85% notes

By Sarah Lizee

Olympia, Wash., Sept. 12 – Banco de Credito del Peru announced the early tender results in connection with its previously announced offer to purchase for cash up to S/. 1.6 billion of the outstanding 4.85% senior notes due 2020.

As of the early tender date, 5 p.m. ET on Sept. 11, S/. 1,847,200,000 of the notes, or about 92.36% of the outstanding amount, had been validly tendered, according to a press release.

Given the amount of notes tendered in the offer has exceeded the cap, the bank will not accept any more notes for purchase. As the bank will not increase the cap, purchases of the notes will be prorated.

The bank announced in a separate release that it had set the proration factor at 86.62%.

As previously reported, the offer for the 4.85% notes will expire at 11:59 p.m. ET on Sept. 25.

The bank will pay S/. 1,025 per S/. 1,000 principal amount of notes tendered by the early deadline. This amount includes a S/. 30 early tender payment.

The bank will also pay accrued interest plus additional amounts to cover the withholding tax.

The payments will be made in dollars.

The bank had launched a concurrent tender offer for its $800 million 5 3/8% senior notes due 2020 issued through its Panamanian branch. The offer expired at 5 p.m. ET on Sept. 5.

On Sept. 6, the bank announced that it had received tenders for $425,372,000 principal amount, or 53%, of the notes. The bank accepted all of those notes for purchase.

Holders who tendered those notes received $1,032.50 per $1,000 principal amount of notes plus accrued interest.

The bank paid additional amounts such that the total consideration and accrued interest received by holders after withholding tax was equal to the amount that would have been due had there been no withholding tax.

Following settlement of the tender offer, $374,628,000 principal amount of 5 3/8% notes remain outstanding.

The tender offers are subject to a financing condition.

The dealer managers are BofA Securities, Inc. (646 855-8988 or 888 292-8209;0070), Credicorp Capital Sociedad Agente de Bolsa SA (+51 1 313-2902) and J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279).

The information and tender agent is D.F. King & Co., Inc. (212 269-5550, 877 732-3614 or bcp@dfking.com).

The bank is based in Lima, Peru.

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