Clifford Chance

Clifford Chance advises Peru's COFIDE on new sustainable bond offering and related tender offer

Global law firm Clifford Chance has advised Corporación Financiera de Desarrollo S.A. (COFIDE), the Peruvian state-owned development bank, on its (i) offering of US$400 million 5.500% Notes due 2030 under Rule 144A/Reg S, and (ii) related tender offer for its 4.750% Notes due 2025.

COFIDE used the proceeds of the offering to pay for the consideration under the tender offer, accrued and unpaid interest on the tendered notes, the expenses of the tender offer, and corporate purposes. Additionally, an amount equal to the net proceeds of the offering will be allocated to finance eligible projects under COFIDE's Thematic Bond Framework, which include green and social categories that encourage sustainable development in Peru.

The Clifford Chance team advising on the deal was led by partner Hugo Triaca, with support from associates Joyce Moore, Maria Fernanda Gadea Rivera and foreign lawyer Juan Andrés Bosch.

Clifford Chance had previously advised COFIDE on its first sustainable notes issuance in the international capital markets and related tender offer in 2024, and on its successful return to the international capital markets after 5 years in 2020.