By Reshmi Basu
New York, Oct. 31 - Banco de Credito del Peru (BCP) placed a $120 million offering of 15-year subordinated tier II notes (Ba2//BB+) at par to yield 6.95%, according to a market source.
The deal came in line with revised price guidance that was in the 7% area, which was lowered from initial guidance of 7% to 7¼%.
The notes will be callable in 2016 at par. If the notes are not called, the coupon steps up to three-month Libor plus 279 basis points. The issue also turns into a floating-rate note.
Citigroup was the lead manager for the Rule 144A and Regulation S transaction.
Proceeds from the sale will be used for regulatory capital and for general corporate purposes.
Banco de Credito del Peru is a Lima, Peru, financial company.
| Issuer: | Banco de Credito del Peru (BCP)
|
| Amount: | $120 million
|
| Issue: | Subordinated notes
|
| Maturity: | Nov. 7, 2021
|
| Coupon: | 6.95%
|
| Issue price: | Par
|
| Yield: | 6.95%
|
| Spread: | Treasuries plus 231.8 basis points
|
| Call option: | Callable at par on Nov. 7, 2016; if not called, coupon steps up to three-month Libor plus 279 bps
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 7
|
| Bookrunner: | Citigroup
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Guidance: | 7% area, lowered from 7%-7¼%
|
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