Peru posts results of tender for sol-, dollar-, euro-denominated bonds

By Wendy Van Sickle

Columbus, Ohio, June 14 – The Republic of Peru announced the results of its offer to purchase for cash some of its $6,395,672,000 outstanding dollar-denominated, €2.1 billion outstanding euro-denominated global bonds and S/. 5,886,504,000 outstanding sovereign bonds, or bonos soberanos, including bonos soberanos in the form of global depositary notes previously issued by Citibank NA as depositary.

The company set the maximum purchase amounts to match the full amount of notes tendered at S/. 4,109,594,000, $405,601,000 and €4.3 million, according to a news release issued on Friday.

The offer began at 8 a.m. ET on June 12 and expired at 11 a.m. ET on June 13.

The expiration time for preferred tenders, which could be submitted by holders of bonos soberanos, GDNs or dollar-denominated bonds, was 1 p.m. ET on June 13.

The following amounts of tenders were received and accepted at the prices listed per $1,000, €1,000 or S/. 1,000 principal amount:

• S/. 4,109,594,000 of the S/. 5,886,504,000 outstanding 5.2% bonos soberanos due 2023 and 5.2% GDNs due 2023 at S/. 1,068.16. All of these tenders were preferred tenders;

• €2.7 million of the €1.1 billion outstanding 2¾% euro-denominated global bonds due 2026 at €1,133.38;

• €1.6 million of the €1 billion outstanding 3¾% euro-denominated global bonds due 2030 at €1,241.13;

• $36,242,000 preferred and $110,057,000 non-preferred of the $1,792,780,000 outstanding 7.35% dollar-denominated global bonds due 2025 at $1,269.27;

• $16,155,000 preferred and $172,231,000 non-preferred of the $1.25 billion outstanding 4 1/8% dollar-denominated global bonds due 2027 at $1,111.03;

• $9,674,000 preferred and $26.72 million non-preferred of the $2,188,329,000 outstanding 8¾% dollar-denominated global bonds due 2033 at $1,596.41; and

• $25,451,000 preferred and $9,071,000 non-preferred of the $1,164,563,000 outstanding 6.55% dollar-denominated global bonds due 2037 at $1,391.73.

Holders will also receive an amount in cash equal to any accrued interest up to but excluding the settlement date on June 20.

Tenders may not be withdrawn.

The tender offer was not conditioned on any minimum participation by any series of bonds but is conditioned on the pricing and closing of a new bond offering.

Peru said Friday it priced a new issuance of 5.4% bonos soberanos due 2034 and new dollar-denominated global bonds due 2030, with the final amounts of each subject to final confirmation.

HSBC Securities (USA) Inc. (866 HSBC-4LM, 212 525-5552, +44 20 7992 6237, liability.management@hsbcib.com), Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057), Santander Investment Securities Inc. (855 404-3636, 212 940-1442), Scotiabank Peru SAA (+511 211-6040, ext. 18151 or 18153, +511 207-2630, 212 225-5559) and Scotia Capital (USA) Inc. (800 372-3930) are the dealer managers.

Global Bondholder Services Corp. (212 430-3774, 866 470-3800, www.gbsc-usa.com/Peru/) is the information agent.

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