News & Events

The Firm recently represented the Republic of Peru in connection with a cash tender offer to holders of its outstanding (i) 7.84% Bonos Soberanos due 2020 and 6% Bonos Soberanos due 2029, including Bonos Soberanos in the form of Global Depositary Notes or GDNs and (ii) 7.125% Global Bonds due 2019.

The transaction included a new issuance of S/10.35 billion (equivalent to approximately US$3.1 billion) aggregate principal amount of the Republic’s Sol-Denominated 5.94% Bonos Soberanos due 2029 (including in the form of GDNs issued by Citibank N.A.), which were initially purchased by Scotiabank Perú S.A.A. and simultaneously partially resold to J.P. Morgan Securities plc, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., and Scotia Capital (USA) Inc.

The liability management transaction (which included a partial cash tender for the Republic’s 7.125% Global Bonds due 2019 that closed in November) was approved by the government of the Republic of Peru and managed by the Ministry of Economy and Finance (MEF).

The Simpson Thacher team for the transaction included Jaime Mercado, Karen McClendon and Miluska Gutierrez (Capital Markets); and Jonathan Cantor and Christopher Murray (Tax).