Banco de Credito del Peru completes exchange offer for 4¾% notes

By Jennifer Chiou

New York, July 2 – Banco de Credito del Peru announced that it has completed the exchange offer for any and all of its $365,435,000 outstanding principal amount of 4¾% senior notes due 2016.

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

The company said it expects to issue $225,339,000 of new 2¾% notes due Jan. 9, 2018 in exchange for the $210,649,000 aggregate principal amount of existing 4¾% notes.

Participating holders will also receive a cash payment equal to the accrued interest on their accepted notes up to the settlement date.

As previously reported, the company extended the early deadline in the offer to coincide with the offer deadline. The original early exchange date was 5 p.m. ET on June 17.

As announced, the total exchange price is $1,070 of new 2¾% notes for each $1,000 of old 4¾% notes tendered. The total amount includes an early premium of $30.00 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.

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 was 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) was the information and exchange agent.

The banking group is based in Lima.

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