Banco de Crédito del Perú’s $850 Million Notes Offering and Notes Tender Offers

Davis Polk and Payet, Rey, Cauvi, Pérez advised Banco de Crédito del Perú on the deal. Milbank and Miranda & Amado advised BofA Securities, Inc., Citigroup Global Markets Inc, Credicorp Capital Sociedad Agente de Bolsa S.A. and J.P. Morgan Securities LLC

Banco de Crédito del Perú completed an offering of $850 million aggregate principal amount of 3.125% subordinated fixed-to-fixed-rate notes due 2030 (callable 2025) under its existing medium-term notes program. The notes were issued pursuant to Rule 144A and Regulation S under the Securities Act.

In addition, BCP executed its offer to purchase for cash any and all of its outstanding 6.875% fixed-to-floating-rate subordinated notes due 2026 and any and all of its outstanding 6.125% fixed-to-floating-rate subordinated notes due 2027. In all, $294.6 million in aggregate principal amount of 6.875% fixed-to-floating-rate subordinated notes due 2026 and $425.3 million in aggregate principal amount of 6.125% fixed-to-floating-rate subordinated notes due 2027 were validly tendered and accepted.

Based in Lima, Peru, BCP is the largest commercial bank in Peru, providing a full range of corporate, retail and investment banking products to clients through a nationwide distribution network.

The Davis Polk corporate team advising BCP included Manuel Garciadiaz (Picture), Drew Glover and Lourenço Lopes-Sabino. The tax team included Po Sit, Lucy W. Farr and Eitan Ulmer.

In Perù, Payet, Rey, Cauvi, Pérez advised banco de Crédito del Perú with Eduardo Vega Cantuarias, Alan García Nores, Lisset López Miranda and Camila Mariátegui.

In US, Milbank advised BofA Securities, Inc., Citigroup Global Markets Inc, Credicorp Capital Sociedad Agente de Bolsa S.A. and J.P. Morgan Securities LLC with Marcelo Mottesi, Andrew R. Walker, Gonzalo Guitart, David Cochran and Benjamin Heller.

In Perù, Miranda & Amado advised BofA Securities, Inc., Citigroup Global Markets Inc, Credicorp Capital Sociedad Agente de Bolsa S.A. and J.P. Morgan Securities LLC with Juan Luis Avendaño Cisneros, Luis Miguel Sánchez Bao and  Lisbeth Benavides Kolind Hansen.

Involved fees earner: Lucy Farr – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; Drew Glover – Davis Polk & Wardwell; Lourenço Lopes-Sabino – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Eitan Ulmer – Davis Polk & Wardwell; David Cochran – Milbank; Gonzalo Guitart – Milbank; Benjamin Heller – Milbank; Marcelo Mottesi – Milbank; Andrew Walker – Milbank; Juan Luis Avendaño – Miranda & Amado Abogados; Lisbeth Benavides – Miranda & Amado Abogados; Luis Miguel Sánchez Bao – Miranda & Amado Abogados; Alan García Nores – Payet, Rey, Cauvi, Pérez, Mur; Lisset López – Payet, Rey, Cauvi, Pérez, Mur; Camila Mariátegui – Payet, Rey, Cauvi, Pérez, Mur; Eduardo Vega – Payet, Rey, Cauvi, Pérez, Mur;

Law Firms: Davis Polk & Wardwell; Milbank; Miranda & Amado Abogados; Payet, Rey, Cauvi, Pérez, Mur;

Clients: Banco de Crédito del Perú; Bank of America Securities; Citigroup Global Markets Ltd; Credicorp Capital Sociedad Agente de Bolsa S.A.; JP Morgan Securities;

Author: Ambrogio Visconti.