Shearman And Sterling

News Dec 09, 2019

Shearman & Sterling Advises on the Republic Of Peru’s Issuance of Bonds and Tender Offers

Shearman & Sterling advised initial purchaser Citibank del Perú S.A. and international initial purchasers BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities plc. in connection with the issuance of the Republic of Peru’s Sol-Denominated 5.350% Bonos Soberanos due 2040 and reopening of its Sol-Denominated 5.400% Bonos Soberanos due 2034 in an aggregate principal amount between the two series of S/10,102,884,000.  Both series were sold in a private placement pursuant to Rule 144A and Regulation S and included the issuance of global depositary notes (GDNs), which represent the underlying Bonos Soberanos.

Shearman & Sterling also advised Citibank del Perú S.A., BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC as dealer managers and billing and delivery banks, as applicable, in connection with: (i) a stand-alone tender offer to purchase for cash made by the Republic of Peru of its 7.840% Sol-denominated Bonos Soberanos due 2020, including those in the form of GDNs and (ii) a switch tender offer to purchase for cash made by the Republic of Peru of its 5.200% Sol-denominated Bonos Soberanos due 2023, including those in the form of GDNs, its 5.700% Sol-denominated Bonos Soberanos due 2024, including those in the form of GDNs, its 7.350% U.S. Dollar-Denominated Global Bonds due 2025 and its 4.125% U.S. Dollar-Denominated Global Bonds due 2027.

The Republic of Peru used the net proceeds from the offering of Bonos Soberanos (and related GDNs) to finance the tender offers and will use remaining proceeds to pre-finance a portion of the general requirements for fiscal year 2020.

The Shearman & Sterling team below included visiting attorney Sofia Gallo.

The Team