#Peru #Lima #Fondo MIVIVIENDA #Scotia Capital #4.625% Notes

Fondo MIVIVIENDA S.A. Launches Major Cash Offer for Bonds

On March 10, 2026, Fondo MIVIVIENDA S.A. announced an important financial initiative. The organization disclosed that Scotia Capital (USA) Inc., acting as the Offeror, has initiated an offer aimed at the purchase of cash amounting to up to $375 million. This offer is focused on its 4.625% Notes, which are due in 2027.

Details of the Offer

The offer, which is detailed in a comprehensive Offer to Purchase document distributed to bondholders, seeks to acquire a substantial portion of the existing bonds outstanding. Currently, these 4.625% notes have an aggregate principal amount of $600 million. The Offeror has proposed an Offer Consideration of $957 per $1,000 principal amount of the Notes. In addition to this, bondholders who tender their notes early stand to benefit from an additional Early Tender Payment of $50, bringing the Total Consideration to $1,007 per $1,000.

The Offer is set to expire at 5:00 PM (New York City time) on April 13, 2026, unless it is extended or terminated earlier by the Offeror. For those who wish to maximize their returns, the early tender deadline is scheduled for March 23, 2026. Only bondholders who submit their notes by this date will qualify for the Early Tender Payment.

Conditions and Prorated Acceptance

In the event that total notes tendered before the early deadline exceed the maximum purchase amount, the Offeror will accept these on a prorated basis. This means that the total amount accepted will reflect the overall demand as long as it aligns with the $375 million cap. If notes are tendered after this early deadline but before the final expiration, they will similarly be subject to a prorated acceptance if the maximum threshold is already met.

It is crucial for bondholders to be aware that notes submitted prior to the early tender date will receive priority over those submitted later. Therefore, timely action could enhance their chances of being accepted in the offer.

Expectations for Payment

Fondo MIVIVIENDA anticipates that payments for the notes accepted before the early tender date will occur shortly thereafter, most likely by the second business day following March 23, 2026. For notes tendered after this date, payments are expected around the final expiration date, which will again be two business days afterward.

The Offer's terms are aligned with conditions outlined in the Offer to Purchase. Notably, the Offeror reserves the right to amend, extend, and adjust the maximum purchase amount, although any such changes are not guaranteed.

A Note for Investors

Investors considering this offer must weigh the potential benefits against their reserve of notes and their personal strategies. The notes in question are designed primarily for lower- and middle-income individuals, showcasing Fondo MIVIVIENDA’s commitment to providing affordable housing finance options. This new initiative symbolizes a strategic move for Fondo MIVIVIENDA, ensuring liquidity and stronger financial standing.

For detailed inquiries about this offer, J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. have been appointed as dealer managers and can assist interested parties with the tender process. Information agents, such as Global Bondholder Services Corporation, are also available to provide the necessary documentation or guidance for interested bondholders.

This significant offer not only highlights Fondo MIVIVIENDA’s proactive financial management but also calls attention to the evolving landscape of investment opportunities amidst fluctuating economic conditions. The outcome of this offer could set the stage for the corporation's future financial maneuvers, making it a newsworthy development to monitor closely as the April expiration date approaches.