We advised Peru on the transactions

Davis Polk advised the Republic of Peru in connection with the issuance of S/15,435,828,000 (approximately $4.07 billion) aggregate principal amount of sol-denominated 7.600% bonos soberanos due 2039, of which S/8,435,828,000 in aggregate principal amount was delivered as payment in connection with Peru’s concurrent offers to exchange (as described below) and S/7,000,000,000 in aggregate principal amount was purchased by the initial purchasers in a new money offering. The notes were issued pursuant to Rule 144A / Regulation S under the Securities Act.

Davis Polk also advised Peru in connection with its offer to purchase for cash and/or exchange any and all of its outstanding 5.700% bonos soberanos due 2024, 8.200% bonos soberanos due 2026, 6.350% bonos soberanos due 2028, and 5.940% bonos soberanos due 2029 (the existing PEN bonds), including existing PEN bonds in the form of global depositary notes and its offer to purchase for cash any and all of its outstanding 7.350% U.S. dollar-denominated global bonds due 2025, 2.392% U.S. dollar-denominated global bonds due 2026, 4.125% U.S. dollar-denominated global bonds due 2027, 2.844% U.S. dollar-denominated global bonds due 2030, 2.783% U.S. dollar-denominated global bonds due 2031, 2.750% euro-denominated global bonds due 2026, and 3.750% euro-denominated global bonds due 2030.

The Davis Polk corporate team included partner Pedro J. Bermeo and associates Michael Schuster, Dennis Chu and José Miguel Fernández. The tax team included counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin. Members of the Davis Polk team are based in the New York and London offices.

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