Alicorp Launches US$420 Million Notes Offering with White & Case as Advisor
Deal News | Jun 23, 2025 | White & Case LLP
Global law firm White & Case LLP advised a syndicate of leading banks, including BBVA Securities Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC, on the issuance and sale of approximately US$420 million in senior notes by Alicorp S.A.A., a major Peruvian consumer goods company. These 7.400% senior notes, denominated in Peruvian soles and due 2032, were issued pursuant to Rule 144A and Regulation S. The proceeds from this issuance will be used to purchase Alicorp's existing 4.357% senior guaranteed notes due 2027 for cash. Alicorp operates in several countries and exports products under more than 130 brands to over 20 countries, focusing on consumer goods, B2B, and aquaculture. The White & Case team, led by partner John Vetterli and supported by associates from both New York and Mexico City offices, played a pivotal role in facilitating this transaction.
Sectors
- Capital Markets
- Consumer Goods
- Legal Services
Geography
- Peru – Alicorp S.A.A. is a Peru-based company issuing notes denominated in Peruvian soles.
- United States – The advising banks and White & Case LLP have major offices in the United States, particularly involved through the issuance's legal and advisory activities.
- New York – The leading team for this legal advisory was based in New York, emphasizing the role of New York as a financial and legal hub.
- Mexico – The inclusion of team members from White & Case LLP's Mexico City office underscores the cross-border efforts in the transaction.
Industry
- Capital Markets – The issuance of senior notes by Alicorp relates directly to activities within the Capital Markets sector, involving the trading and management of financial instruments.
- Consumer Goods – Alicorp is a leading company in the Consumer Goods industry, operating across various countries and offering products in food, personal care, and home care.
- Legal Services – White & Case LLP's advisory role highlights the involvement of the Legal Services sector in facilitating significant financial transactions.
Financials
- US$420 million – The total principal amount for the Alicorp note issuance.
- 7.400% – The interest rate on the new senior notes due 2032.
- 4.357% – The interest rate on Alicorp's existing senior guaranteed notes due 2027, which it plans to buy back.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alicorp S.A.A. | Issuer | Company | Alicorp is the largest consumer goods company in Peru. |
| White & Case LLP | Legal Advisor | Company | An international law firm providing legal advice on the notes issuance. |
| BBVA Securities Inc. | Initial Purchaser/Dealer Manager | Company | Investment bank involved in the issuance and sale of Alicorp's notes. |
| BofA Securities, Inc. | Initial Purchaser/Dealer Manager | Company | Investment bank involved in the issuance and sale of Alicorp's notes. |
| Goldman Sachs & Co. LLC | Initial Purchaser/Dealer Manager | Company | Investment bank involved in the issuance and sale of Alicorp's notes. |
| J.P. Morgan Securities LLC | Initial Purchaser/Dealer Manager | Company | Investment bank involved in the issuance and sale of Alicorp's notes. |