A&O Shearman advises BofA Securities, Citigroup, J.P. Morgan and Santander on the Republic of Peru’s issuance of bonds and exchange and tender offers

The liability management part of the transaction consisted of (i) an offer to exchange or to purchase for cash four series of Sol-denominated notes in the form of Bonos Soberanos and global depositary notes (GDNs), and (ii) an offer to purchase for cash five series of U.S. dollar-denominated notes and two series of euro-denominated notes. The new notes were sold for cash or for exchange in a private placement pursuant to Rule 144A and Regulation S and included the issuance of GDNs, which represent the underlying Bonos Soberanos.

The Republic of Peru used the net proceeds from the offering of Bonos Soberanos (and related GDNs) to finance the liability management transactions. The Republic of Peru intends to invest an amount equal to the proceeds from the offering of Bonos Soberanos (and related GDNs) in expenditures that may qualify as “eligible green and social categories” under Peru’s Sustainable Bond Framework.

The A&O Shearman team was led by Capital Markets partner Alejandro Gordano and included Tax partner Lorenz Haselberger Capital Markets associate Gonzalo Robles, visiting attorneys Marcello Pompilio and Moises Gonzalez, and Tax associate Daniel Kachmar.