Peru runs one-day tender for seven bonos soberanos, global bonds

By Susanna Moon

Chicago, March 19 – Peru announced a one-day cash tender offer for a maximum amount of its S/.10,813,129,000 of sovereign bonds, or bonos soberanos, and its $3,352,942,000 of global bonds, issued in seven series.

The maximum purchase amount will be set later, and the tender offer is conditioned on pricing of Peru’s 6.95% bonos soberanos due 2031, which will be an add-on to Peru’s outstanding 6.95% bonos soberanos due 2031, according to a government press release.

The tender offer began at 7:30 a.m. ET on Thursday and was set to end at 1 p.m. ET the same day.

The purchase price for each $1,000 or S/. 1,000 principal amount is as follows:

• S/. 1,008.31 for the S/. 749,352,000 of 9.91% bonos soberanos due 2015;

• S/. 1,111.09 for the S/. 2,498,561,000 of 8.6% bonos soberanos due 2017;

• S/. 1,145.00 for the S/. 6,427,234,000 of 7.84% of bonos soberanos due 2020;

• S/. 981.70 for the S/. 1,137,982,000 of 6.0% of bonos soberanos due 2029;

• $1,085.00 for the $389,663,000 of 8.375% of global bonds due 2016;

• $1,190.00 for the $713,279,000 of 7.125% global bonds due 2019; and

• $1,330.00 for the $2.25 billion 7.35% global bonds due 2025

Holders also will receive accrued interest up to but excluding the settlement date of March 25.

The maximum purchase amount of the 7.84% bonos soberanos due 2020 will be S/. 2,427,234,000, or 37.76%, of the outstanding amount. The maximum purchase amount of the 7.35% global bonds due will be 30% of the outstanding amount, or $675 million.

The bonos soberanos include those in the form of Global Depositary Notes issued by Citibank NA as the depositary, the press release noted.

The dealer managers are BBVA Securities Inc. (212 728-2446, +011 511 211-1343 or liabilitymanagement@bbva.com), Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057).

The billing and delivery banks are BBVA Banco Continental and Deutsche Bank Securities Inc.

The information agent is D.F. King & Co., Inc. (peru@dfking.com, banks and brokers call 877 864-5060, others 212 269-5550 or +44 0 207 920 9700).

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