BCP Mops Up 2021s

Holders of Banco de Credito Del Peru’s 6.95% 2021s have agreed to exchange $117.04m of the notes for recently issued 6.875% fixed-to-floating rate 2026s, mopping up most of the $120m of existing instruments. Accepting holders got $1,078.38 worth of new bonds per $1,000 of the old ones, including a $30 early acceptance premium, or $1,048.38 if they participated after the early bird date but before the final expiration of October 24. Creditors also agreed to waive a provision in the original notes that keeps BCP from accepting more than $70m worth of bonds in such an offer. The new notes are the same as those offered on September 8, in a $350m sale. The NC10 bonds pay a fixed coupon and switch to a rate of Libor+7.708% after year 10. Bank of America Merrill Lynch and Morgan Stanley ran the initial sale and also managed the exchange offer. The 2021 notes were originally issued in 2006.