Banco Internacional del Perú SAA launched a cash tender offer for all of its outstanding 5.750% senior notes due 2020.
There are currently around $386.8 million in aggregate principal amount of the notes outstanding, according to a news release. The notes were issued through the company's Panamanian branch.
The bank said it is also soliciting consents to a proposed amendment related to the debt.
The early tender and consent deadline for the offer is 5 p.m. ET on Oct. 2, while the expiration time for the tender offer is scheduled for 11:59 p.m. ET on Oct. 17.
Holders who validly tender and do not validly withdraw their notes before the early tender deadline will be eligible to receive $1,033.25 per $1,000 in aggregate principal amount of the notes. Holders who validly tender their notes after the early tender deadline and at or before the expiration time will be eligible to receive $1,003.25 per $1,000 in aggregate principal amount of the notes.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are serving as dealer managers and solicitation agents for the tender offer and consent solicitation, while D.F. King & Co. Inc. is the information agent.
The move comes about a month after Banco Internacional del Perú's board approved a new bond issuance worth up to $800 million, or its equivalent in Peruvian soles. In announcing that new offering, the bank noted that it planned to exchange or repurchase the 5.750% notes.
