Simpson Thacher and Echecopar assist in $300m offering of Interbank
Estudio Echecopar, associated with Baker & McKenzie International, has assisted Banco Internacional del Perú (Interbank), and Simpson Thacher has assisted Bank of America and J.P. Morgan, as initial purchasers, in the offering of an aggregate principal amount of USD $300 million 7.625% Senior Subordinated Notes due 2034.
The offering was conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The notes will qualify as Interbank’s Tier II Regulatory Capital. The transaction also included the participation of Bank of New York Mellon as trustee.
This was Interbank’s first subordinated bond issue under the new subordinated debt regulations issued by the Superintendencia de Banca, Seguros y AFP (SBS), which came into effect in January 2023.
The proceeds of the offering were used for the repurchase of the existing subordinated bonds denominated “6.625% Fixed-to-Floating Rate Subordinated Notes due 2029”, where Bank of America and J.P. Morgan acted as servicers and solicitation agents.
This repurchase was accepted by holders representing 64.95% of the principal amount of the outstanding notes, who received as consideration USD 1,000 for each USD 1,000 principal amount of notes tendered (for a total amount of USD 194’852,000), plus accrued and unpaid interest.
Interbank is a leading provider of banking services to retail and commercial clients in Peru. Interbank is a subsidiary of Intercorp Financial Services, a company listed on the New York Stock Exchange, and is part of the Intercorp conglomerate in Peru.
Echecopar’s team was represented by partner Alonso Miranda (pictured left) and associate Adrian Tovar.
Simpson Thacher’s team included partners Juan Francisco Méndez (pictured centre) and Jonathan Cantor (pictured right), and associates Laura Ribero and Larissa Gebrim.
