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Banco de Credito del Peru to issue $700M in bonds to buyback debt

Banco de Crédito del Perú on Sept. 6 placed $700 million worth of unsecured senior bonds that the company will use to fund its tender offer to repurchase higher-yielding notes.

In a filing, the company said it will use proceeds from the new issuance to fund its buyback of 5.375% senior notes that mature next year. The company recently said that it garnered about $425.4 million of valid tenders in its offer to repurchase those notes.

The new debt carries an interest rate of 2.70%, well below the 5.375% rate attached to the 2020 notes.

The Lima-based institution said the new debt was sold at international financial markets; they will be issued on Sept. 11. and mature in January 2025.