Lima, Perú, May 30, 2022 /PRNewswire/ —  Petróleos del Perú – Petroperú S.A. (the “Company“) today announced the satisfaction of the CESCE Amendment Condition related to its previously announced consent solicitation (the “Consent Solicitation“), being conducted upon the terms and subject to the conditions set forth in the Consent Solicitation Statement dated as of May 23, 2022 (the “Consent Solicitation Statement“). 

Pursuant to the Consent Solicitation Statement, the Company is soliciting consents (“Consents“) from the Holders of its outstanding (i) 4.750% Notes Due 2032 (the “2032 Notes“) and (ii) 5.625% Notes Due 2047 (the “2047 Notes” and, collectively with the 2032 Notes, the “Notes” and each a “Series“) to certain proposed amendments (the “Proposed Amendments“) to the indentures governing the Notes.


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The Company had sent an amendment request to lenders under that certain facility agreement among the Company, as borrower, certain lenders, and Deutsche Bank, S.A.E., as administrative agent, guaranteed by Compañía Española de Seguros de Crédito a la Exportación, S.A., Compañía de Seguros y Reaseguros, S.M.E., the Spanish Export Credit Agency CESCE (such guaranteed facility agreement, the “CESCE Facility Agreement“), to extend the timeframe within which the Company must deliver the audited consolidated financial statements for the 2021 fiscal year under the CESCE Facility Agreement to September 30, 2022.

As of May 30, 2022, a majority of the lenders under CESCE Facility Agreement, representing the required lenders thereunder, has accepted the Company’s request and, as a result, the CESCE Facility Agreement has been effectively amended as requested by the Company.  The effective amendment of the CESCE Facility Agreement was one of the conditions of the Consent Solicitation as set forth in the Consent Solicitation Statement (the “CESCE Amendment Condition“).

The Company has the right, in its sole discretion, to amend or terminate the Consent Solicitation at any time.

Citigroup Global Markets Inc., HSBC Securities (USA) Inc., and Santander Investment Securities Inc. are acting as Solicitation Agents for the Consent Solicitation.  The Tabulation and Information Agent is Global Bondholder Services Corporation.


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Requests for documentation should be directed to Global Bondholder Services Corporation at (855) 654-2014.  Questions regarding the Consent Solicitation should be directed to the Solicitation Agents at 212 723 6106 (for Citigroup), +1 (888) HSBC-4LM (for HSBC), or +1 (212) 940-1442 (for Santander). 

This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. 

None of the Company, the Solicitation Agents, the Tabulation and Information Agent makes any recommendation as to whether holders should Consent or refrain from Consenting to the Proposed Amendment. Holders must make their own decision as to whether to deliver their Consents.

About Petroperu:

Petróleos del Perú – Petroperú S.A. established in 1981 as a Public Limited Company pursuant with Legislative Decree No 43 (founded in 1969), Petroperú is the largest hydrocarbon corporate entity in Peru in terms of total sales and the largest enterprise of the Peruvian sovereign (100% owned by Peru). It is also Peru’s second largest refiner in terms of refining volume capacity and forms a critical part of the country’s energy infrastructure and economy. It has the largest distribution network for crude oil and refined products in the country, and it is the sole provider of refined products to certain areas of Peru. It is also the owner and operator of Peru’s main oil pipeline, the “Norperuano Pipeline,” which connects the crude oil production fields in the northern rainforest of Peru with its facilities in the Port of Bayovar near its Talara Refinery. Its business is comprised primarily of midstream and downstream petroleum activities, including the refining and blending of crude and intermediate hydrocarbon products, the distribution and sale of refined products through its wholesale distributors and associated retail service stations and direct sales, the transportation of crude through the Norperuano Pipeline, and the leasing of certain of its facilities to third parties. Petroperú also has a presence in the upstream sector.

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Cautionary Note Concerning Forward-Looking Statements 

This press release and the Consent Solicitation Statement contain statements that are or may constitute forward-looking  statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements included in this Consent Solicitation Statement. You are cautioned not to place undue reliance on such forward-looking statements, which speak only as of their dates. The Company disclaims any obligation or undertaking to update publicly or revise any forward-looking statement contained in this press release or the Consent Solicitation Statement, whether as a result of new information, future events or otherwise. Future events or circumstances could cause actual results to differ materially from historical results or those anticipated.

SOURCE Petróleos del Perú – Petroperú S.A.