Intercorp Peru gets tenders for 95% of 8 5/8% notes, calls remainder

By Angela McDaniels

Tacoma, Wash., Feb. 13 – Intercorp Peru Ltd. received tenders for $238,175,000 principal amount, or 95.27%, of its $250 million of 8 5/8% secured notes due 2019, according to a company news release.

The tender offer began Jan. 28 and ended at 11 a.m. ET on Feb. 10. Settlement occurred on Feb. 12.

Holders received $1,047.50 per $1,000 principal amount of notes plus accrued interest.

The issuer also solicited consents to amend the note indenture to eliminate substantially all of the restrictive covenants and some events of default and to reduce the required notice to the trustee for an optional redemption to three business days from 45 days and the required notice to holders to three business days from a minimum of 30 days.

Intercorp plans to redeem the $11,825,000 of remaining notes at 104.3125% of par plus accrued interest on Feb. 19.

The offer was subject to the receipt of consents from holders of a majority of the notes – the response required to amend the indenture – and a financing condition.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) were the dealer managers and solicitation agents for the tender offer, which was conducted under Regulation S. D.F. King & Co., Inc. (+44 20 7920 9700, 212 269-5550 or intercorp@dfkingltd.com) was the information agent and tabulation agent.

Intercorp is a Lima, Peru-based financial services company.

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