The Firm recently represented the Republic of Peru in connection with:
(i) the issuance and sale of S/.7.1 billion (US$2.4 billion) of nuevo soles-denominated 5.700% Bonos Soberanos due 2024, of which S/.5.2 billion (US$1.77 billion) were initially purchased by BBVA Banco Continental and resold as global depositary notes (GDNs) to BBVA Securities, Bank of America Merrill Lynch and Morgan Stanley for resale in reliance on Rule 144A and Regulation S;
(ii) the issuance and sale of US$500 million U.S. dollar-denominated 5.625% Bonds due 2050 by way of a re-opening in an SEC-registered offering underwritten by BBVA Securities, Bank of America Merrill Lynch and Morgan Stanley; and
(iii) a cash tender offer to purchase outstanding nuevo soles-denominated 9.91% Bonos Soberanos due 2015 and 7.84% Bonos Soberanos due 2020, and U.S. dollar-denominated 9.875% Global Bonds due 2015, 8.375% Global Bonds due 2016 and 7.125% Global Bonds due 2019.
The transactions closed simultaneously as part of a liability management transaction approved by the government of the Republic of Peru and managed by the Ministry of Economy (MEF).
The Simpson Thacher team for the transactions included Jaime Mercado, Juan M. Naveira, Sebastian Lora and Pablo Schreiber (Capital Markets); and Jonathan Cantor and Jodi Sackel (Tax).