Clifford Chance

Clifford Chance advises on US$500 million sustainability-linked notes offering by Mexico-based GCC

New York: Leading international law firm Clifford Chance has advised BBVA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Credit Agricole Securities (USA) Inc., as initial purchasers in connection with the offering by GCC, S.A.B. de C.V. (GCC) of US$500 million aggregate principal amount of 3.614% sustainability-linked senior notes due 2032. GCC is a Mexico-based producer of cement, concrete, aggregate and construction-related services.

GCC used the proceeds of the notes to redeem its 5.250% notes due in 2024 and refinance bank debt. The notes issuance is aligned with the Sustainability-Linked Bond Principles leveraging a core, relevant and material sustainability performance target such as CO2 intensity reduction.

The Clifford Chance team advising across multiple practice areas included:

• Global Financial Markets: partners Jonathan Zonis and Hugo Triaca (New York), counsel Patrick Jackson (São Paulo), foreign law clerk Jorge Vázquez Navarro and law clerk Emely Luna (New York)
• Tax: partner Avrohom Gelber (New York)
• Litigation & Dispute Resolution: associate Benjamin Berringer (New York)

Clifford Chance advises on many sustainable finance transactions in the Latin American market, most recently advising on the inaugural green bond issuance by Chilean electricity transmission company STA. The firm also advised on EGE Haina's sustainability-linked notes offering, the first of its kind by a Dominican issuer.