News & Events

The Firm recently represented the Republic of Peru in connection with:

(i) the issuance and sale of S/10.3 billion (US$3.1 billion) aggregate principal amount of soles-denominated 6.35% Bonos Soberanos due 2028 (the “New Bonds”), of which S/5.2 billion (US$1.77 billion) was initially purchased by BBVA Banco Continental and resold as global depositary notes (GDNs) to BBVA Securities, BofA Merrill Lynch and HSBC, for resale in reliance on Rule 144A and Regulation S; and

(ii) an offer to holders of four separate series of soles-denominated Bonos Soberanos (including in the form of GDNs) and four separate series of U.S. dollar-denominated Global Bonds outstanding, to tender their securities for either New Bonds in a “preferred” tender or for cash at various prices for each series outstanding. In aggregate, S/8.7 billion of New Bonds was issued in the preferred tender and S/1.6 billion of New Bonds was issued to settle tenders for cash.

This transaction was the largest local currency transaction in Peruvian history.

The tender and new issue of Bonos Soberanos 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 and Matias Anchordoqui (Capital Markets); and Jonathan Cantor and John Torrenti (Tax).