We advised Banco de Crédito del Perú on the Rule 144A / Regulation S offering

Davis Polk advised Banco de Crédito del Perú (“BCP”) in connection with an offering of $500 million aggregate principal amount of 3.250% subordinated fixed-to-fixed-rate notes due 2031 (callable 2026) under its existing medium-term notes program. The notes were issued pursuant to Rule 144A and Regulation S under the Securities Act.

Davis Polk also advised BCP in connection with its offer to purchase for cash any and all of its outstanding 6.875% fixed-to-floating-rate subordinated notes due 2026 and any and all of its outstanding 6.125% fixed-to-floating-rate subordinated notes due 2027. In all, $60 million in aggregate principal amount of 6.875% fixed-to-floating-rate subordinated notes due 2026 and $99 million in aggregate principal amount of 6.125% fixed-to-floating-rate subordinated notes due 2027 were validly tendered and accepted.

Based in Lima, Peru, BCP is the largest commercial bank in Peru, providing a full range of corporate, retail and investment banking products to clients through a nationwide distribution network.

The Davis Polk corporate team included Manuel Garciadiaz, Drew Glover and Lourenço Lopes-Sabino. The tax team included Po Sit and Eitan Ulmer. Members of the Davis Polk team are based in the São Paulo, New York and Northern California offices.

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