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Peru’s Cofide starts tender offer for fixed-to-floaters due 2029
By Marisa Wong
Los Angeles, April 11 – Corporacion Financiera de Desarrollo SA (Cofide) has begun a cash tender offer for any and all of its outstanding $255 million of 5¼% fixed-to-floating rate subordinated notes due 2029 (Cusip: 21987DAB0, P3R94GAA7), according to a press release.
The company is offering a total consideration of $1,000 per $1,000 principal amount of notes tendered by the early tender date.
Holders tendering after the early deadline will be eligible to receive the lesser tender consideration of $950 per $1,000 principal amount.
The company will also pay accrued interest.
The early tender date is 5 p.m. ET on April 24, which is also the withdrawal deadline.
The company may choose to accept early tendered notes for purchase on an early settlement date, which would be on or around April 26.
The offer will expire at 5 p.m. ET on May 9.
Final settlement is slated for May 10.
The tender offer is conditioned on, among other things, pricing of a concurrent offering of senior notes. The new notes offering is not, however, conditioned on completion of the tender offer. Further, the tender offer is not conditioned on any minimum participation by the existing noteholders.
The company said it reserves the right to amend, terminate or withdraw the tender offer at its discretion.
The tender and information agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers and 800 488-8095 for all others).
The dealer managers for the tender offer are J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279) and Santander US Capital Markets LLC (855 404-3636 or 212 940-1442).
Cofide is a development bank based in Lima, Peru.
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