In-Depth Examination of Interbank's Stirring Finance Activity

Hailed from Lima, in the heart of Peru, the Banco Internacional del Perú S.A.A. (popularly recognized as 'Interbank') has been actively transforming the financial landscape of the region. Open-door policy, transparency, and innovative minds working under their umbrella have often pushed the boundaries of conventional banking in Peru.

As we stepped into the new year, this renowned Peruvian banking institution, pursuing its track record of financial audacity, made waves with the announcement of the results of their enthralling tender offer on their 6.625% Fixed-to-Floating Rate Subordinated Notes due by 2029, under the distinctive CUSIP Nos. 05968DAA8 and P13435AA3 (the 'Notes').

Deciphering the Tender Offer of Interbank

The intricate details of this monetary transaction are set forth in the Offer to Purchase, dated January 3, 2024, symbiotically tied with the Notice of Guaranteed Delivery. The concluding hour for this compelling Tender Offer was noted as 8:00 a.m., New York City time, on January 11, 2024.

Results That Surprised Many

As per the information exclusively rendered by D.F. King & Co., Inc., acting as the information and tender agent for the Tender Offer, an impressive $194,852,000 aggregate principal amount of Notes were validly tendered before or at the defined time limit and not validly withdrawn. This, astonishingly represented about 64.95% of the aggregate principal amount of Notes outstanding.

Interbank has welcomed all validly tendered Notes and plans to reimburse for such Notes on January 17, 2024 - also known as the 'Settlement Date'. This process would, however, only take place once all conditions of the Tender Offer have been either met or waived by Interbank.

Depth of Financial Details

The Consideration, which is the cost for each $1,000 principal amount of validly tendered Notes allowed for purchase, is set to be $1,000 as well. Additionally, holders of Notes that are accepted for purchase will be the recipients of the accumulated and due interest, including any applicable additional amounts, from the last interest payment date for the Notes to, but excluding, the Settlement Date.

The Path Ahead: Redefining Redemption

Post-payment for the Notes adhering to the conditions of the Tender Offer, Interbank has the flexibility to redeem all or a portion of the remaining outstanding Notes, as specified in the indenture governing the Notes. However, this redemption is at the bank's discretion and the Tender Offer neither imposes a redemption directive nor an obligation to issue a redemption notice.

Collaborating with Industry Leaders: BofA Securities, Inc. and J.P. Morgan Securities LLC

The complex operation was managed by some major players in the financial world, BofA Securities, Inc. and J.P. Morgan Securities LLC, who acted as the dealer managers. Their collective expertise brings impressive credentials to the operation and invite heightened trust from stakeholders.

A Meticulously Planned Offer

This press release does not aim to solicit an offer to buy or sell any securities of Interbank or any of its subsidiaries. It's crucial to understand the magnitude of due diligence and planning that was done to prepare this offer. No changes have been registered in Interbank's affairs since the declaration of this offer, and no assumptions should be made about any changes that may happen in the future.

Words of Caution

One thing to note is that neither the Offer to Purchase nor the Notice of Guaranteed Delivery has been scrutinized by any federal or state securities commission or regulatory authority of any country. It is illegal to say otherwise and could be a punishable offense.

About Interbank: Serving the Heart of Peru

The convenience of physical branches combined with the convenience of digital accessibility represents Interbank's service portfolio. As a leading provider of a myriad of financial products, banking services for retail customers as well as commercial clients in Peru, the bank prides itself in having one of the largest distribution networks in the country.