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Banco de Credito del Peru begins exchange offer for 4¾% notes due 2016
By Toni Weeks
San Luis Obispo, Calif., June 4 - Banco de Credito del Peru began an offer to exchange any and all of its outstanding $365,435,000 principal amount of 4¾% senior notes due 2016 for newly issued 2¾% senior notes due 2018, according to a press release.
The bank said the exchange offer is intended to manage the maturity profile of its debt by extending it two years to Jan. 9, 2018.
Holders who tender their notes for exchange by 5 p.m. ET on June 17, the early exchange date, will receive the total exchange price of $1,070 of new 2¾% notes for each $1,000 of old notes 4¾% tendered. This includes an early participation premium, payable in new notes, of $30 per $1,000 of principal amount.
According to the press release, the total exchange price was calculated to approximate the make-whole redemption amount the holder would receive if the notes were redeemed prior to maturity.
Holders whose notes are tendered and accepted for exchange will receive a cash payment equal to the accrued interest from the last applicable interest payment date up to, but excluding, the settlement date.
Notes tendered may be withdrawn at any time prior to the early exchange date.
The exchange offer will expire at midnight ET on July 1. Settlement will occur five business days later.
The company said in the release that if less than a minimum of $250 million of new notes are to be issued in exchange for existing notes in the offer, the company may terminate or amend the exchange offer.
D.F. King & Co. Inc. (800 488-8095 or 212 269-5550) is the information and exchange agent.
The banking group is based in Lima.
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