Clifford Chance and Garrigues advise Peru’s COFIDE on bond issuance and tender offer
International law firm Clifford Chance has advised Corporación Financiera de Desarrollo (COFIDE), Peru’s state-owned development bank, on its latest international sustainable bond offering of US$400 million in 5.500% notes due 2030, issued under Rule 144A/Reg S. The transaction also included a tender offer for its 4.750% notes due 2025.
Proceeds from the offering is aimed to cover payments under the tender offer, including accrued and unpaid interest on the tendered notes, transaction expenses, and general corporate purposes. In addition, an amount equal to the net proceeds will be allocated to eligible projects under COFIDE’s Thematic Bond Framework, which includes green and social categories aimed at promoting sustainable development in Peru.
The legal advisors involved in the transaction included COFIDE’s in-house counsel team, composed of Jorge Pineda, Henrry España, and Josue Jaen. Peruvian legal advice to COFIDE was provided by Garrigues Perú, with participation from partner Diego Harman, principal associate Miluska Gutiérrez Vega, and senior associate Carolina Pérez-Taiman.
The Clifford Chance team advising on the transaction was led by partner Hugo Triaca (foto), with support from associates Joyce Moore and Maria Fernanda Gadea Rivera, and foreign lawyer Juan Andrés Bosch.
The joint bookrunners were advised in Peru by Estudio Miranda & Amado, with partners Álvaro del Valle and Juan Luis Avendaño, and associate María Fernanda Lazo. Shearman & Sterling acted as international counsel to the joint bookrunners, with partner Alejandro Gordano and visiting attorneys Moisés González Arroyo and Regina Odar.
