Peru announces exchange consideration for domestic sovereign bonds

Chicago, June 1 – The republic of Peru, after it priced a new offering of local-currency bonds, announced the exchange considerations in its combined tender offer and/or exchange offer for sole-denominated bonos soberanos, according to a press release.

Noteholders will have the choice of either a tender offer purchase price or an exchange consideration of new 7.3% bonds due 2033.

The detailed tender considerations versus exchange considerations for each of the series are the following:

• For the S./ 1,309,373,000 outstanding 5.2% bonds due 2023 a tender purchase price of S./ 1,000 or S./ 999 for the global depositary notes or an exchange consideration of S./ 1,002.37 of new notes;

• For the S./ 6,740,798,000 outstanding 5.7% bonds due 2024 a tender purchase price of S./ 998.75 or S./ 997.75 for the global depositary notes or an exchange consideration of S./ 1,001.12 of new notes;

• For the S./ 12,516,553,000 outstanding 8.2% bonds due 2026 a tender purchase price of S./ 1,061.25 or S./ 1,060.25 for the global depositary notes or an exchange consideration of S./ 1,063.77 of new notes; and

• For the S./ 16,625,287,000 outstanding 6.35% bonds due 2028 a tender purchase price of S./ 992.50 or S./ 991.50 for the global depositary notes or an exchange consideration of S./ 994.86 of new notes.

Each of the considerations is based on S./ 1,000 notes.

The exchange consideration for each series of existing bonds was determined by dividing the purchase price for the applicable series of existing bonos soberanos by the issue price of the new bonos soberanos being concurrently offered for cash, which was 99.7631.

The tender considerations for the bonds will be paid in soles, and the cash considerations for the global depositary notes will be paid in dollars.

The new bonds will be distributed via Rule 144A and Regulation S, so exchanging holders will need to complete an eligibility letter.

As previously reported, the republic is also conducting a tender offer for five dollar-denominated global bonds.

The offers will expire at 5 p.m. ET on June 6.

Global Bondholder Services Corp. is the tender, exchange and information agent for the offers (212 430-3774, 855 654-2014, contact@gbsc-usa.com, https://gbsc-usa.com/eligibility/peru).

The Peruvian market maker for the local currency offer is Banco Santander Peru SA (santransaccionperu@santander.us).

The issuer for the offers is Ministerio de Economia y Finanzas del Peru.

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