Clifford Chance

Clifford Chance advises COFIDE on its successful return to the international capital markets after 5 years

New York: Leading international law firm Clifford Chance led by Capital Markets partner Hugo Triaca advised Corporación Financiera de Desarrollo S.A. (COFIDE), the Peruvian state-owned development bank, on its successful return to the international capital markets after 5 years with a bond issuance and a concurrent tender offer (the Transaction). The Transaction, consisted of (i) an offering of US$500 million of 2.400% Notes due 2027 (the New Notes) conducted pursuant to Rule 144A and Regulation S under the US Securities Act, and (ii) an intermediated tender offer for up to US$600 million aggregate maximum purchase price of COFIDE's outstanding 4.750% Notes due 2022 (the 2022 Notes) and 4.750% Notes due 2025 (the 2025 Notes and, together with the 2022 Notes, the Old Notes). COFIDE used the proceeds from the issuance of the New Notes and additional cash to fund the repurchase of the Old Notes tendered with the 2022 Notes being subject to a tender cap of US$400 million and having priority for acceptance compared to the 2025 Notes.

The Transaction, which closed on September 30, 2020, allowed COFIDE to extend the maturity profile of its indebtedness with the New Notes pricing with the lowest coupon of all its issuances in the international capital markets.

COFIDE is a key participant in the Peruvian government's economic and social development programs and it is currently playing an active role in the government's efforts to address the effects of the COVID-19 pandemic through governmental support funds and programs.

The Firm's team included associates Lane Feler, Nicolas Ocampo and Giancarlo Reanda. Partner Avrohom Gelber and law clerk Allison Kelly advised on tax matters.