Peru’s Cofide provides early update on tender offer for notes due 2029

Chicago, April 24 – Corporacion Financiera de Desarrollo SA (Cofide) provided an update regarding its ongoing cash tender offer shortly after the early tender deadline of 5 p.m. ET on April 24, according to a press release.

The company is conducting a cash offer for any and all of its outstanding $255 million of 5¼% fixed-to-floating rate subordinated notes due 2029 (Cusips: 21987DAB0, P3R94GAA7).

By the early deadline, noteholders tendered $165,725,000 of their notes.

The company is accepting all of the early tendered notes for purchase at the par purchase price. Early settlement is planned for May 2.

At the outset of the offer, Cofide was going to reduce the tender consideration after the early deadline to $950 per $1,000 note. However, the company has decided to extend the full par consideration to the end of the offer.

The expiration time is 5 p.m. ET on May 9.

Final settlement is planned for May 10.

Withdrawal rights have expired.

The tender offer is conditioned on, among other things, pricing of a concurrent offering of senior notes. Cofide priced $300 million of 5.95% social notes due 2029.

The tender and information agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers and 800 488-8095 for all others).

The dealer managers for the tender offer are J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279) and Santander US Capital Markets LLC (855 404-3636 or 212 940-1442).

Cofide is a development bank based in Lima, Peru.

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