Clifford Chance advises on Banco Industrial's C/B Bond Transaction in Guatemala

Global law firm Clifford Chance has advised International Finance Corporation (IFC), as lender of record, on a term subordinated loan under its C/B Loan Program to provide financing to Banco Industrial, S.A., the largest bank in Guatemala and the largest private bank in Central America, for a total amount of US$850 million (the "IFC Loan").

Clifford Chance also advised BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and SMBC Nikko Securities America, Inc., as joint bookrunners, in connection with the offering by a special purpose vehicle incorporated in the Cayman Islands of US$750 million 6.550% subordinated notes due 2036. The net proceeds of the offering were used to acquire a participation interest in the IFC loan.

The team advising IFC included partners Fabricio Longhin and Jonathan Zonis, associates Paula Ferreira and Fernando Liu, and law clerk Daniela Hernandez.

The team advising the joint bookrunners comprised partner Hugo Triaca, associates Joyce Moore, Cristian Ragucci, Doug Mulliken, and foreign lawyer Juan Andres Bosch.

Additional support was provided on tax matters by partner Avrohom Gelber and associate Kade Moural.

Clifford Chance advises on many similar transactions in the Latin American market, including on Energuate's A/B Bond Transaction in Guatemala and the largest ever B-bond and mobilization amount by IDB Invest.