Banco de Credito del Peru extends early deadline in exchange offer

By Susanna Moon

Chicago, June 18 – Banco de Credito del Peru said it extended the early exchange date in the 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.

Holders may now tender notes for exchange by 5 p.m. ET on July 1, to receive the total exchange price, according to a press release.

The exchange offer also will end at midnight ET on July 1, with settlement set for July 9. The offer began on June 4.

Tendered notes may no longer be withdrawn, as of 5 p.m. ET on June 17, the original early exchange date.

As previously announced, the total exchange price is $1,070 of new 2¾% notes for each $1,000 of old 4¾% notes tendered by the early exchange date, which now coincides with the offer expiration. The total amount includes an early premium of $30 per $1,000 of principal amount payable in new notes.

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 also will receive a cash payment for accrued interest up to but excluding the settlement date.

The company previously said that it may terminate or amend the exchange offer if less than a minimum of $250 million of new notes were issued in the exchange offer.

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.

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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