Paul Hastings Advised the Republic of Peru in Exchange and Tender Offers and Related US$4.4 Billion International Sustainability Bond Issuance
June 14, 2023
Paul Hastings LLP advised the Republic of Peru in connection with its offers to purchase for cash and / or to exchange certain of Peru’s outstanding Sol-Denominated sovereign bonds for a new series of Sol-Denominated sovereign bonds; separate offers to purchase certain of Peru’s outstanding US-Dollar Denominated global bonds; and the concurrent issuance of an aggregate principal amount of US$2.5 billion “new money” 7.300% Sol-Denominated sovereign bonds due 2033. Together with the bonds issued pursuant to the exchange, Peru issued the equivalent of US$4.4 billion aggregate principal amount of 7.300% Sol-Denominated sovereign bonds due 2033 in the offerings. Certain proceeds from the bonds are intended to be utilized in eligible green and social categories under Peru’s sustainable bond framework.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, acting through J.P. Morgan Securities plc as its agent, and Santander US Capital Markets LLC served as initial purchasers of the bonds.
Paul Hastings has advised the Republic of Peru on multiple sovereign bond issuances, including its initial sustainability bond issuance in 2021.
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