Credicorp priced inagural public debt offering of USD 500 million
June 11 2020 - 6:30AM
Credicorp Ltd. (NYSE: BAP) announced the pricing of its
underwritten public offering of USD 500 million principal amount of
2.750% notes due 2025. The offering price resulted in a yield of
2.867% and an implied spread of 250bps over the reference US
Treasury yield.
The offering received over USD 4bn of demand from nearly 200
institutional investors across Latin America, USA, Europe and Asia,
which reflects the trust of global investors in the company, its
management, and the Peruvian economy.
This transaction marks Credicorp’s inaugural public debt offering
at the holding company level. Credicorp intends to use the net
proceeds from this offering to fund general corporate purposes and
increase the company’s liquidity position.
Credicorp has been assigned first time debt ratings of BBB (stable
outlook) and BBB+ (negative outlook) by S&P and Fitch,
respectively.
The issuance is expected to settle on June 17, 2020, subject
to customary closing conditions.
Bank of America Securities, Goldman Sachs & Co. LLC and J.P.
Morgan Securities LLC, are acting as joint book-running managers
for the offering.
The notes will only be offered and sold to qualified institutional
buyers in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”) and in offshore
transactions in accordance with Regulation S under the Securities
Act. The notes being offered have not been and will not be
registered under the Securities Act or the securities laws of any
other jurisdiction. The notes may not be offered or sold in the
United States absent registration or an applicable exemption from
registration requirements. This press release does not constitute
an offer to sell or a solicitation of an offer to buy any of the
notes; nor shall there be any sale of these notes in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful.
About Credicorp
Credicorp Ltd (NYSE: BAP) is the leading financial services holding
company in Peru and is present in Chile, Colombia and Bolivia.
Credicorp has a diversified business portfolio, which is organized
into four lines of business: Universal Banking, through Banco de
Credito del Peru - BCP and Banco de Credito de Bolivia;
Microfinance, through Mibanco and Encumbra; Insurance & Pension
Funds, through Grupo Pacifico and Prima AFP; and Investment Banking
& Wealth Management, through Credicorp Capital, Wealth
Management at BCP and Atlantic Security Bank.
For further information please contact the IR team:
investorrelations@credicorpperu.com
Investor Relations
Credicorp Ltd.
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