Davis Polk Advises Banco de Crédito del Perú on Its $700 Million and S/2.5 Billion Takedowns under Its MTN Program and Cash Tender Offers

Davis Polk advised Banco de Crédito del Perú in connection with offerings of $700 million aggregate principal amount of 2.700% fixed-rate notes due 2025 and S/2.5 billion 4.650% notes due 2024 under its existing medium-term notes program. The notes were issued pursuant to Rule 144A and Regulation S under the Securities Act.

Davis Polk also advised BCP in connection with its offer to purchase for cash any and all of its outstanding 5.375% senior notes due 2020 and up to S/1.6 billion aggregate principal amount of its 4.850% senior notes due 2020. In all, $425.4 million in aggregate principal amount of 5.375% notes due 2020 and S/1.6 billion in aggregate principal amount of 4.850% notes due 2022 were validly tendered and accepted.

Based in Lima, Peru, BCP is the largest commercial bank in Peru, providing a full range of corporate, retail and investment banking products to clients through a nationwide distribution network.

The Davis Polk corporate team included Manuel Garciadiaz, Drew Glover and Lourenço Lopes-Sabino. The tax team included Michael Farber and Eitan Ulmer. Members of the Davis Polk team are based in the São Paulo, New York and Northern California offices.