Davis Polk advised Banco de Crédito del Perú (BCP), acting through its Panamanian branch, on its offer to exchange US$120 million aggregate principal amount of its 6.95% subordinated notes due 2021 for 6.875% fixed-to-floating-rate subordinated notes due 2026. The 6.875% fixed-to-floating-rate subordinated notes are a reopening of an initial offering of US$350 million of such notes issued in September 2011. In connection with the exchange offer, BCP solicited consents to amend certain provisions of the indenture governing the 6.95% subordinated notes.

BCP is the largest commercial bank in Peru, based on total assets, loans, deposits, shareholders’ equity and branch network.

The Davis Polk corporate team included partner Manuel Garciadiaz, associates Alain Kuyumjian, Yasin Keshvargar and Bruce Rose-Innes and former foreign temporary associate Federico Wilensky (admitted in Argentina only). Partner Michael Mollerus and associate Michael Bretholz provided tax advice. Associate Catherine L. Martin provided ’40 Act advice. Inés Velasco was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.