Shearman And Sterling

News July 29, 2019

Intercorp Peru Ltd. Refinancing Transactions

Shearman & Sterling represented Intercorp Peru Ltd. in connection with its recent refinancing transactions, including (1) its issuance of S/.300,000,000 principal amount of 5.78125% senior notes due 2029 on July 25, 2019 to Peruvian investors in compliance with Regulation S under the Securities Act, (2) its issuance of $325 million aggregate principal amount of 3.875% senior notes due 2029 on July 29, 2019 pursuant to Rule 144A and Regulation S, under the Securities Act and (3) its tender offer for any and all of the $250 million principal amount of its outstanding 5.875% senior notes due 2025.

Intercorp Peru Ltd. is a holding company for one of Peru’s largest business groups. Focused on Peru’s growing middle class, it provides a variety of services to satisfy consumers’ evolving preferences for modern goods and services. Its businesses are primarily concentrated in three industries: financial services, retail (including shopping malls) and education. A substantial portion of the proceeds from the senior notes offerings were used to purchase Intercorp Peru Ltd.’s outstanding tendered 5.875% senior notes due 2025, and the remainder will be used for general corporate purposes, including the refinancing of certain other outstanding indebtedness.

The Shearman & Sterling team below also included visiting attorney Marcos Linares.

The Team