Republic of Peru Announces Exchange Offer for USD-Denominated Bonds
The Republic of Peru has officially commenced an exchange offer for specific outstanding U.S. dollar-denominated global bonds. Under the terms of the offer, eligible bondholders can exchange their existing debt for a new series of U.S. dollar-denominated global bonds due in 2038, which carry a coupon rate of 6.060%. The exchange consideration varies depending on the specific bond being tendered: holders of the 4.125% 2027 bonds will receive $1,000.18 per $1,000 principal amount, while holders of the 2.844% 2030 and 2.783% 2031 bonds will receive approximately $926.71 and $906.84 respectively. Participants will also receive accrued interest on their original bonds. This move allows Peru to manage its debt maturity profile by extending the duration of certain obligations into the next decade. The offers are subject to proration and modification at the discretion of the Peruvian government.
Topics: bond exchange debt restructuring government bonds sovereign debt
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