Initial Purchasers in Tier 2 Subordinated Note Offering by BBVA Banco Continental

September 22, 2014

Cleary Gottlieb represented the initial purchasers BBVA, Merrill Lynch and Goldman Sachs in connection with a 144A/Regulation S debt offering of $300 million aggregate principal amount of 5.250% subordinated notes due 2029 by BBVA Banco Continental, which currently qualify as Tier 2 capital under Peruvian banking regulations. Interest payments under the notes will be made semi-annually at a fixed rate of 5.250% during the first 10 years and then at the benchmark reset rate plus a spread of 275 basis points until maturity. The offering priced on September 15 and closed on September 22.

BBVA Banco Continental is a leading full-service financial institution in Peru and is the second largest bank in Peru in terms of assets, loans, deposits and branches and the third largest in terms of shareholders’ equity.