Clifford Chance

Clifford Chance advises banks on landmark local currency notes issuance by Telefónica del Perú S.A.A., the largest telecom company in Peru

Clifford Chance advised the initial purchasers – BBVA, J.P. Morgan and Merrill Lynch – in the S/1,700,000,000 aggregate principal amount of 7.375% senior notes due 2027 issued by Telefónica del Perú S.A.A. in a private placement offering pursuant Rule 144A and Regulation S under the Securities Act. The notes, which are denominated in Peruvian soles and payable in US dollars, were listed on the Singapore Exchange Securities Trading Limited.

Telefónica del Perú S.A.A., a subsidiary of leading global telecommunication services provider Telefonica S.A., is the largest telecommunications company in Peru in terms of revenues, offering a wide range of telecommunications services in the country through its brand Movistar.

Capital Markets partner Hugo Triaca led the Firm's team, which included associate Lane Feler and law clerk Maria Londono. Partner Avrohom Gelber advised on tax matters.

Clifford Chance has been recognized for decades as a preeminent law firm in Latin America. The Firm has led the way in developing successful, novel financing structures for a diverse client-base, and is constantly innovating its service offering, such as with a dedicated Latin America group specialized in capital markets, bank and project financing structures representing initial purchasers, underwriters, issuers and investors. The Firm's lawyers have extensive experience in the region's distinct business, legal and regulatory landscapes. They provide expertise that cuts across a full range of relevant practices, while aligning pioneering solutions with the unique characteristics of the Latin American market and the changing needs of clients.