Emerging Markets Bond News: Peru

Posted by: : Shayne HeffernanPosted on: March 20, 2015 Emerging Markets Bond News: Peru
 

The Republic of Peru (the “Republic”) in accordance with its previously-announced offer (the “Offer”) to purchase for cash (the “Offer to Purchase”) (i) sovereign bonds or Bonos Soberanos (the “Bonos Soberanos”), including Bonos Soberanos in the form of Global Depositary Notes (“GDNs”), and (ii) Global Bonds (the “Global Bonds”), in each case as set forth in the table below (the “Bonds”), announced today that the Offer expired as scheduled at 4:00 pm New York City time, on March 19, 2015. Capitalized terms used but not defined in this press release have the meanings specified in the Offer to Purchase.

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In accordance with the Offer to Purchase, the Republic has determined the Maximum Purchase Amount applicable to the Offer of its 7.84% Bonos Soberanos due 2020 to be S/. 2,427,234,000 and the Maximum Purchase Amount of its 7.35% Global Bonds due 2025 to be U.S.$675,000,000. The Republic priced its 6.95% Bonos Soberanos due 2031 in the aggregate principal amount of S./ 4,391,817,000 (the “New Bonds”), S/.2,141,817,000 of which will be allocated to holders who validly tendered their Bonds in the Offer and whose orders were accepted for New Bonds (including holders of Global Bonds denominated in U.S. dollars that participated in the Preferred Tenders). The purchase price to be paid for each U.S.$1,000 or S/.1,000, as applicable, principal amount of each series of the Bonds validly tendered and accepted pursuant to the Offer was set forth in a previous press release.

For convenience, set forth below are the maturity date, outstanding aggregate principal amounts, ISIN, CUSIP, Common Code and NEMONICO, as applicable, for each Bond that was subject to the Offer:

Bonds (1)

Maturity Date

Outstanding
Aggregate
 Principal
Amount as of
March
18, 2015(2)

ISIN

CUSIP

Common Code

NEMONICO

9.91% Bonos Soberanos due 2015

May 5, 2015

S/.749,352,000

PEP01000CX67

SB05MAY15

9.91% GDNs due 2015

May 5, 2015

144A: US715638BH45

Reg S: US715638BJ01

144A: 715638BH4

Reg S: 715638BJ0

144A: 056469869

Reg S: 044046024

8.60% Bonos Soberanos due 2017

August 12, 2017

S/.2,498,561,000

PEP01000CY09

SB12AGO17

8.60% GDNs due 2017

August 12, 2017

144A: US715638BB74

Reg S: US715638BC57

144A: 715638BB7

Reg S: 715638BC5

144A: 056470069

Reg S: 044046075

7.84% Bonos Soberanos due 2020

August 12, 2020

S/.6,427,234,000

PEP01000CY33

SB12AGO20

7.84% GDNs due 2020

August 12, 2020

144A: US715638AZ51

Reg S: US715638BA91

144A: 715638AZ5

Reg S: 715638BA9

144A: 056018956

Reg S: 044046083

6.0% Bonos Soberanos due 2029

February 12, 2029

S/.1,137,982,000

PEP01000C4Q6

SB12FEB29

6.0% GDNs due 2029

February 12, 2029

144A: US715638BQ44

Reg S: USP87324BN19

144A: 715638BQ4

Reg S: P87324BN1

144A: N/A

Reg S: 110523017

8.375% Global Bonds due 2016

May 3, 2016

U.S.$ 389,663,000

US715638AQ52

715638AQ5

019187438

7.125% Global Bonds due 2019

March 30, 2019

U.S.$ 713,279,000

US715638AW21

715638AW2

040585940

7.35% Global Bonds due 2025

July 21, 2025

U.S.$ 2,250,000,000

US715638AS19

715638AS1

022518259

                               

(1) Each series of Global Bonds is admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange.
(2) These amounts may include Bonds held by institutions and companies controlled by the Peruvian Government that have not been cancelled.

The aggregate principal amount of Preferred Tenders and Non-Preferred Tenders of each series of Bonds that has been accepted are shown in the table below. The accepted Bonds will not be subject to proration.

Bonds

Aggregate Principal

Amount of

Preferred Tenders

Accepted

Aggregate

Principal Amount

of Non-Preferred

Tenders Accepted

9.91% Bonos Soberanos due 2015(1)

S./ 274,278,000

8.60% Bonos Soberanos due 2017(2)

S./ 429,049,000

7.84% Bonos Soberanos due 2020(3)

S./ 358,522,000

6.0% Bonos Soberanos due 2029(4)

S./ 944,217,000

8.375% Global Bonds due 2016

U.S.$ 91,674,000

7.125% Global Bonds due 2019

U.S.$ 21,435,000

7.35% Global Bonds due 2025

U.S.$ 13,178,000

U.S.$ 227,661,000

_________

(1)   Includes the 9.91% Bonos Soberanos due 2015 in the form of GDNs, issued by Citibank N.A., as depositary.
(2)   Includes the 8.60% Bonos Soberanos due 2017 in the form of GDNs, issued by Citibank N.A., as depositary.
(3)   Includes the 7.84% Bonos Soberanos due 2020 in the form of GDNs, issued by Citibank N.A., as depositary.
(4)   Includes the 6.0% Bonos Soberanos due 2029 in the form of GDNs, issued by Citibank N.A., as depositary.

The Billing and Delivery Banks for the Offer are:

BBVA             

Deutsche Bank
Securities

   Morgan Stanley

BBVA Banco
Continental
for Bonos Soberanos

Deutsche Bank
Securities

for GDNs

Morgan Stanley
for Global Bonds

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be a sale of the securities referenced in this communication in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.

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