PETROPERÚ obtains consent from bondholders to extend the delivery term of its financial statements 2021

PETROPERÚ today obtained the consent of the bondholders for the extension of the delivery of their Audited Financial Statements 2021 (EEFF 2021) to September of this year. This, after the announcement of the consent solicitation presented on May 23 of the present. In this way, the steps taken in the process of recovering the financial sustainability of the company, and the confidence of the international debt markets, were successfully concluded.

The steps to meet this important objective were carried out by a PETROPERÚ team chaired by Eng. Humberto Campodónico Sánchez, Chairman of the Board of Directors, Mrs. Cristina Fung Quiñones, General Manager, and Mr. José Olivares Canchari, member of the Board of Directors. Additionally, Mr. Alex Contreras Miranda, Deputy Minister of Economy of the Ministry of Economy and Finance (MEF) and the banks Citigroup, HSBC and Santander participated as agent banks in the process.

The conditions of the consent request contemplate the payment of a fee of 1.5 dollars for every 1,000 dollars, as well as the need to have the approval of the simple majority of the bondholders. This transaction has had the approval of 95.86% of the bondholders maturing in 2032 and the approval of 87.50% of the bondholders maturing in 2047.

It should be remembered that PETROPERÚ made bond issues in the international debt markets, in 2017 for USD 2 billion (maturity 2032 and 2047) and in 2021 a reopening of the bonds maturing in 2047 for an additional USD 1 billion.

In this way, the new Administration -which took office on April 2 of this year- has taken a fundamental step to reverse the serious consequences generated by the non-submission of the 2021 financial statements, due to the fact that the previous administration did not reach an agreement with the auditing company Price Waterhouse Coopers (PwC).

Given this situation, the new Administration reestablished ties with PwC and a contract was recently signed with the aforementioned auditing firm on May 3. This paved the way for the successful negotiations with the bondholders in New York and the creditor banks of the loan guaranteed by CESCE in Madrid.

With these important results it is expected that PETROPERÚ's perspective in the financial market will improve.