Banco de Crédito del Perú’s $500 Million Notes Offering and Tender Offers

Davis Polk and Payet, Rey, Cauvi, Pérez Abogados advised Banco de Crédito del Perú (“BCP”) in the transactions. Miranda & Amado and Milbank advised BofA Securities Inc, Credicorp Capital Sociedad Agente de Bolsa S.A. and J.P. Morgan Securities LLC acting as underwriters on the transactions.

Banco de Crédito del Perú (“BCP”) executed an offering of $500 million aggregate principal amount of 3.250% subordinated fixed-to-fixed-rate notes due 2031 (callable 2026) under its existing medium-term notes program. The notes were issued pursuant to Rule 144A and Regulation S under the Securities Act.

BCP also 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, $60 million in aggregate principal amount of 6.875% fixed-to-floating-rate subordinated notes due 2026 and $99 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 included Manuel Garciadiaz (Picture), Drew Glover and Lourenço Lopes-Sabino. The tax team included Po Sit and Eitan Ulmer.

In Perù, Payet, Rey, Cauvi, Pérez advised Banco de Credito del Perù with Eduardo Vega, Alan García Nores, Lisset López Miranda and Camila Mariátegui.

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

Milbank advised BofA Securities Inc, Credicorp Capital Sociedad Agente de Bolsa S.A. and J.P. Morgan Securities LLC in US.

Involved fees earner: 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; 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; Miranda & Amado Abogados; Payet, Rey, Cauvi, Pérez, Mur;

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

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