Peru’s InRetail talks $300 million seven-year notes in high-5% area

By Christine Van Dusen

Atlanta, Oct. 6 – Peru’s InRetail Consumer set talk in the high-5% area for its upcoming issue of $300 million notes due in seven years (expected ratings: Ba1/BB+/), a market source said.

Citigroup and Credit Suisse are the bookrunners for the Rule 144A and Regulation S notes, which are non-callable for four years.

The proceeds will be used to fund a buyback of the company’s 8 7/8% notes due in 2018.

The tender offer for all $300 million of the outstanding senior notes began earlier this month. InRetail expects to settle purchases of notes tendered by the early deadline on Oct. 10.

InRetail Consumer is the pharmacy and supermarket division of Intercorp Peru, a conglomerate based in Lima.

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