Estudio Echecopar, member of Baker & McKenzie International advised HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC, as Dealer Managers, in connection with the tender offer for cash (the "Tender Offers") launched by HSBC Securities (USA) Inc. (the “Purchaser”) to purchase an aggregate amount of the outstanding (i) 4.750% Notes due 2022 (the "2022 Notes") issued by COFIDE (the "2022 Offer") for an aggregate outstanding principal amount not to exceed USD 400,000,000, and (ii) 4.750% Notes due 2025 (the "2025 Notes" and, together with the 2022 Notes, the "Notes") issued by COFIDE (the "2025 Offer" and, together with the 2022 Offer, the "Offers") for an aggregate purchase price to be paid by the Purchaser for the tendered Notes so purchased not to exceed USD 600,000,000 (the "Aggregate Maximum Purchase Price").
The Tender Offers were conditioned upon, among other things, the pricing on terms satisfactory to COFIDE of a concurrent offering of COFIDE's senior unsecured notes up to USD 500,000,000 (Deal closed September 28, 2020).
As part of the transaction the “Notes due 2022” and the “Notes due 2025” purchased by the Purchaser were exchanged by the Purchaser for COFIDE's “2.400% Notes due 2027”.
As of the Early Tender Time, (i) USD 363,720,000 in aggregate principal amount of the 2022 Notes, or approximately 72.74% of the 2022 Notes outstanding, and (ii) USD 374,346,000 in aggregate principal amount of the 2025 Notes, or approximately 62.39% of the 2025 Notes outstanding, were validly tendered and not withdrawn pursuant to the Tender Offers. Consequently, the Aggregate Maximum Purchase Price was met as of the Early Tender Time, and USD 363,720,000 in aggregate principal amount of the 2022 Notes and USD 188,452,000 in aggregate principal amount of the 2025 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time were accepted and paid for by the Purchaser on September 21, 2020 (the “Early Settlement Date”) in accordance with the terms and conditions of the Tender Offers.
COFIDE is a state-owned development bank established in 1971 by the government of Peru. Key participant in the government of Peru’s economic and social development programs. COFIDE have played an active role in stabilizing the Peruvian financial system during periods of economic recession.