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Clifford Chance vertritt INTEGRITAS erfolgreich in Verfahren gegen Produkte sowie hunderte Werbeaussagen und Kennzeichnungsverstöße im Bereich gewichtskontrollierender Ernährung

Wed, 13 Aug 2025 15:20:00 GMT

Gegenstand der Auseinandersetzung waren zur gewichtskontrollierenden Ernährung bestimmte Stoffwechsel-Shakes der in Berlin ansässigen MetaFlow GmbH. MetaFlow hatte die betreffenden Produkte gleichzeitig als Mahlzeitersatz und Tagesrationen zur gewichtskontrollierenden Ernährung vermarktet, dabei Inhaltsstoff- und Kennzeichnungsvorgaben missachtet und zahlreiche rechtswidrige Werbeaussagen und Videos einschließlich Testimonials namhafter Schauspieler verwendet.

Auf Antrag von INTEGRITAS wurden MetaFlow in einem einstweiligen Verfügungsverfahren vor dem Landgericht Berlin daraufhin nicht nur der Vertrieb der Produkte mit dualer Zweckbestimmung als Mahlzeitersatz und Tagesrationen, sondern auch mehr als 200 unzulässige Werbeaussagen sowie Kennzeichnungs- und Formulierungsverstöße untersagt.

Für Mahlzeitersatz und Tagesrationen zur gewichtskontrollierenden Ernährung gelten strenge europarechtliche Vorgaben zum Schutz der speziellen Verbrauchergruppen, für die diese Produkte bestimmt sind. Während Tagesrationen als Lebensmittel mit einer besonderen Zusammensetzung einer kalorienarmen Ernährung zur Gewichtsverringerung dienen und die tägliche Nahrungsmittelration vollständig ersetzen sollen, dürfen Mahlzeitersatzprodukte im Rahmen einer kalorienarmen Ernährung höchstens anstelle von bis zu zwei der täglichen Hauptmahlzeiten konsumiert werden, um so das Gewicht nach einer Gewichtsabnahme zu halten oder eine Gewichtsabnahme zu fördern.

Einer der Kernstreitpunkte in dem Gerichtsverfahren war u.a. die bisher ungeklärte Frage, ob Lebensmittel zur gewichtskontrollierenden Ernährung nach den einschlägigen europarechtlichen Vorgaben mit einer dualen Zweckbestimmung gleichzeitig als Mahlzeitersatz und Tagesrationen vertrieben werden können. Nach der von INTEGRITAS mithilfe von Clifford Chance in dem Verfahren erfolgreich vertretenen Rechtsauffassung stehen beide Produktkategorien in einem Exklusivitätsverhältnis zueinander. Das Verfahren ist damit über den konkreten Fall hinaus auch allgemein für die Einordnung und Abgrenzung der betreffenden Produktkategorien von Bedeutung.

Das Clifford Chance-Team bestand aus Partner Dr. Gunnar Sachs und Associate Pia-Sophie Weber (beide Corporate, Healthcare & Life Sciences, Düsseldorf).

Das Inhouse-Team auf Seiten von INTEGRITAS bestand aus den Rechtsanwältinnen Lena Müllen (Geschäftsführung) und Vera Strecker sowie Andrea Schmitz (Justiziarin, Leiterin Abteilung Recht, Pharma Deutschland). Zu den Mitgliedern von INTEGRITAS zählen neben dem Verband Pharma Deutschland e.V., dem Bundesverband der Pharmazeutischen Industrie e.V. und dem Bundesverband spezielle Lebensmittel e.V. (Diätverband) auch mehr als 50 Unternehmen, Werbeagenturen, Verlage und Rechtsanwaltskanzleien.

Clifford Chance advises on financing for Nueva Malla Vial del Valle del Cauca Corredor Buenaventura-Loboguerrero-Buga 5G toll road project in Colombia

Tue, 12 Aug 2025 21:47:00 GMT

Global law firm Clifford Chance advised JPMorgan Chase Bank, N.A. as lead arranger, Inter-American Investment Corporation, International Finance Corporation, Banco de Comercio Exterior de Colombia S.A. (Bancoldex), Bancolombia S.A., Banco Bilbao Vizcaya Argentaria Colombia S.A., and Financiera Nacional de Desarrollo S.A. as senior lenders, in connection with the COP3.66 billion (~US$909 million) financing for the design, construction, rehabilitation, improvement, operation and maintenance of the concession known as Nueva Malla Vial del Valle del Cauca Corredor Buenaventura-Loboguerrero-Buga 5G toll road project in Colombia, which is part of Colombia’s 5G highway infrastructure program.

The project aims to rehabilitate and expand a 128-kilometer strategic corridor that links Colombia’s interior to its largest Pacific port, Buenaventura and to improve logistics efficiency and regional connectivity, with expected travel time reductions of up to 40 minutes. The financing package includes a Sustainability-Linked Loan from IFC and a financing from IDB Invest that follows its international sustainability standards, the first of its kind for a road concession in Latin America, tying loan terms to environmental and social performance targets. Clifford Chance advised the lenders on the transaction, supporting the structuring and documentation of this landmark infrastructure deal.

The transaction represents a significant milestone in the advancement of Colombia’s 5G infrastructure program and Colombian infrastructure. The financing, provided in COP-denominated credit facilities by the syndicate of international and domestic financial institutions, will underpin the comprehensive development and long-term operation of this critical corridor, enhancing connectivity and fostering sustainable economic growth across the Valle del Cauca region in Colombia.

Lead Partner Fabricio Longhin commented, “We are honored to have supported our clients on this transformative financing. This transaction not only advances Colombia’s 5G toll road program but also demonstrates our firm’s ongoing commitment to responsible and innovative infrastructure development in the region. Clifford Chance has been involved in all 5G toll road financings to date, following our participation in the vast majority of 4G financings in Colombia.”

Longhin was supported by lead associate Julian Hurtado Vallejo and associates Fernando Liu and Adriana Cabal Gutierrez.

This transaction reinforces Clifford Chance’s extensive experience in advising on major sustainable infrastructure projects and project financing across Latin America. Recent matters in Colombia, include the Troncales 5G, the Bogotá-Girardot, the Pamplona-Cúcuta, the Rumichaca-Pasto and the Conexión Norte. The firm also advised on the financing for expansion of Port of Aguadulce in Buenaventura, on a complex debt refinancing for the strategic Puerto Bahia port facility located in Baru, Cartagena, on the financing of the US$672.4 million Antioquia Port project and on the financing for the first line of the Bogota metro.

Clifford Chance advises Paragon Partners on the sale of WEKA Media and Deubner

Mon, 11 Aug 2025 14:52:51 GMT

WEKA Media is a provider of mainly digital workflow products, software, content and e-learning solutions addressing compliance and regulatory requirements as well as knowledge management and efficiency in the fields of EHS, construction and corporate & public solutions in the business-to-business and business-to-government sectors and Deubner provides services and specialist information for legal and tax advisory professionals.

The Clifford Chance core team for Paragon included partners Mark Aschenbrenner, Samuel Frommelt and Volkmar Bruckner as well as associates Johannes Adam and Mona Fuchs (all Corporate/Private Equity, Munich) and was supported by partner Annette Röhder (Corporate, Frankfurt), partner Dennis Blechinger (Real Estate, Munich), partner Christopher Fischer, senior associate Ulrike Breidenstein and associate Julia Kolb (all Employment, Frankfurt), partner Dimitri Slobodenjuk and senior associate Arne Gayk (both Antitrust, Düsseldorf) and partner Dominik Engl (Tax, Frankfurt).

Clifford Chance Advises the Underwriters on ONEOK's US$3 Billion Notes Offering

Fri, 08 Aug 2025 21:20:00 GMT

Global law firm Clifford Chance has advised the underwriters on a successful pricing by ONEOK, Inc. (NYSE: OKE), a midstream service provider, of a US$3 billion offering of senior notes. The offering is expected to close on or about August 12, 2025, subject to customary closing conditions.

The offering includes:

US$750 million of 7-year senior notes at a coupon of 4.95%
US$1 billion of 10-year senior notes at a coupon of 5.40%
US$1.25 billion of 30-year senior notes at a coupon of 6.25%

The Clifford Chance team was led by Houston partners Trevor Lavelle and Om Pandya. The team also included capital markets associates Jake DuCharme, Johnathan Walker and Nick Mitchell. Partner Todd Lowther and associate Milica Pavlovic advised on tax matters, and partner Ty'Meka Reeves-Sobers and associate Hannah Ebersole advised on environmental matters.

Clifford Chance advises Tele2 on the Manulife IM-backed partnership with GCI to create the first pan-Baltic tower company

Fri, 08 Aug 2025 12:59:00 GMT

The newly established Baltic tower company based in Lithuania will own tower and rooftop assets in Estonia, Latvia and Lithuania, a total of around 2,700 tower and rooftop sites. The transaction is subject to customary regulatory approvals and is expected to be finalised in early 2026. Read more about the transaction here.

The cross-border Clifford Chance team from Amsterdam, New York, Washington DC, Brussels and London was led by Gregory Crookes. The core M&A team included Tim Heerschop, Bart van Hattum and Femke Buijs. The core sector specialist team included Matthew Warner and Emely Luna. The core finance team included Folko de Vries, Yasmin Johnson and Samuel van Eijnatten. The wider team included Nancy Stoke, Sarah Basilion, Jasper Leistra (Corporate), Titus de Vries, Angela McEwan, David Woolmer, Tyson Reid, Herman Steinvoort, Elle Jackson, Bahar Sharif, Fiorri Michael, Sylvia van der Heyden (Global Financial Markets), Michiel Sunderman, Stern Flik, Cile Arnoldy and Jemma Dick (Tax), Aniko Adam, Daniel Ayad (Antitrust), Rahul Dev, Carla Lewis and Jacqueline Landells (Litigation).

Clifford Chance advised Postbank on Bulgaria's first covered bond issuance

Fri, 08 Aug 2025 12:38:00 GMT

The Bonds have been admitted to trading on the Euro MTF Market and are listed on the official list of the Luxembourg Stock Exchange.

The Clifford Chance team advising Postbank was led by Paul Deakins (Partner), Matt Fairclough (Partner) and Nigel Leong (Senior Associate).

Clifford Chance advises Cityforward on the signing of a final agreement with Home Invest, marking a major milestone in one of Brussels’ most ambitious urban regeneration projects.

Fri, 08 Aug 2025 08:05:00 GMT

This deal underscores the growing importance of sustainable redevelopment in central urban areas and highlights Cityforward’s commitment to impactful, long-term urban transformation. It also follows Cityforward’s landmark acquisition of the "EU portfolio" of 21 office buildings from the European Commission via SFPIM in 2024, further advancing the regeneration of Brussels’ European district.

The cross-practice Clifford Chance team advising on the deal was led by Real Estate partner Henri d'Ursel and Tax partner Alexandre Ooms with support from associates Thomas Linard de Guertechin and Eva Uyttendaele.

Clifford Chance advises on notes issuance by the largest electricity distribution company in Mendoza, Argentina

Thu, 07 Aug 2025 13:47:00 GMT

Global law firm Clifford Chance has advised BofA Securities, Inc. and UBS Securities LLC as initial purchasers in connection with Empresa Distribuidora de Electricidad de Mendoza S.A. (EDEMSA)'s US$150 million offering and issuance of its 9.75% Step-Up Notes due 2031. EDEMSA is the largest electricity distribution company in the Province of Mendoza, Argentina.

The Clifford Chance team advising on the deal was led by Hugo Triaca, with support from associates David Rondon, Agata Radajczyk and Cristian Ragucci and foreign lawyer Juan Andrés Bosch.

Clifford Chance regularly advises on similar transactions across Latin America. Recent matters in Argentina include EDENOR's new notes issuance and related exchange offer, and CLISA's successful US$336.5 million debt restructuring.

Clifford Chance advises ICG on its strategic partnership with Regional & City Airports

Thu, 07 Aug 2025 12:08:42 GMT

The transaction, which follows more than a decade of successful collaboration between RCA and Rigby Group, is expected to close in August.

ICG’s European Infrastructure team will support RCA’s continued growth, with the Company set to expand its airports, cargo and executive aviation operations. ICG is also focused on working with RCA to further accelerate sustainable aviation practices across its operations.

The Clifford Chance team was led by Infrastructure Private Equity Partners Thomas Fisher and Charlotte Madden, with support from Associates Megan Hodges, Eseosa Idemudia and Damilola Akinrele. Expertise on the financing aspects were provided by Partner Alexandra Dimsdale-Gill, Senior Associates Will Goulbourne and Arpan Bhatt, and Associates Ben Lin and Jacquelin Tan.

Clifford Chance advises Allwyn on the award of the Lotto Game for EUR 2.23 billion to Lottoitalia, a joint venture with IGT/Brightstar Lottery

Thu, 07 Aug 2025 08:14:16 GMT

Clifford Chance assisted Allwyn, a leading multinational lottery operator, on all aspects of the transaction, including the negotiation and structuring of contractual frameworks and matters relating to the administrative procedure. The multidisciplinary team from the Milan and Rome offices was led by partner Umberto Penco Salvi, supported by senior associate Michele Bernardi, and included associate Dario Carnazza for corporate M&A matters. Administrative law matters were handled by senior associate Antonella Scarciello and trainee lawyer Alice Ventrella. Foreign investment control matters were managed by partner Luciano Di Via and associate Eleonora Zappalorto. All tax aspects of the investment were overseen by partner Carlo Galli and counsel Sara Mancinelli.

Lottoitalia secured the tender with a financial offer of EUR 2.23 billion, to be paid in three instalments by April 2026. The new authorisation will be valid for nine years, extending until 2034, and ensures the continued management of one of the country’s key numerical games under the guidance of a well-established alliance of operators.

Clifford Chance advises Metlen on its £6 billion London listing, largest London primary listing of the year and largest listing of a European business in London since 2017

Wed, 06 Aug 2025 09:13:35 GMT

Metlen expects to be admitted to the FTSE 100 as early as September 2025, with a market capitalisation currently at €6.71 billion (c.£6 billion). If successfully admitted to the FTSE 100, Metlen will be the first company in over a year to enter directly into the index through a primary listing.

Metlen Energy & Metals is an integrated energy and metals business operating across three segments (energy, metallurgy, as well as infrastructure and concessions). The group's synergistic business model has allowed Metlen to grow from its origins as a family business founded in Greece in 1908 to a global industrial giant whose market capitalisation has more than tripled in the period of 2021-2024. Metlen has subsequently become Greece's largest home-grown company and is targeting further growth through investment into the renewable energy market and supply of critical strategic minerals as well as through the European defence sector.

In a continued commitment to its history, Metlen is retaining a listing on the Athens Stock Exchange and its shares will continue to be denominated in Euros, making it one of the first companies to take advantage of new rules that allow shares not denominated in GBP to be included in the FTSE UK indices.

Clifford Chance acted as international legal counsel to Metlen, assisting in the establishment of the group's new parent company, Metlen Energy & Metals PLC, its acquisition of the existing Greek listed company, Metlen Energy & Metals S.A., by way of a takeover offer under the Greek takeover regime and the subsequent restructuring in preparation for the London listing, as well as the dual listing process. The team advised and supported Metlen through all stages of this corporate transformation, helping the group transition to a new structure more aligned to its international footprint which now enables Metlen to broaden its international shareholding on the most liquid exchange in Europe.

Simon Thomas commented:

Metlen's corporate redomicilation and London listing is a very significant milestone and a central part of its strategy to take advantage of opportunities for growth. It is also a hugely important transaction for the London market, being the largest listing of a European business in London since 2017. In addition, Metlen will become the first company to enter FTSE's UK indices with shares denominated in Euros, signalling the continued attractiveness of the UK for global companies to list.

The Clifford Chance team was led by partner Simon Thomas, London Head of Capital Markets, with support from senior associate James Koessler. The core team also included associates Radhika Sharma and Inês Teixeira and trainee solicitors Rumana Ali, Sam Winton and Keith Minami.

Wider transactional support was given by partners Andrew Patterson (Incentives), Amy Bird (Employment), Timothy Lees (Restructuring), Nicola Hemsley (Tax), James Bole (Takeovers), Michael Lyons (Litigation) and George Kleinfeld (Litigation), directors Juliette Graham (Incentives) and Rui Ho (Takeovers), senior associate Bethan Lovett (Litigation), and associates Ella Burnside (Employment), Leon Kidd (Incentives), Isabel Lewis (Restructuring) and Wanipa Ndhlovu (Tax).

Clifford Chance advises AXA on strategic acquisition of majority stake in Prima Assicurazioni

Tue, 05 Aug 2025 15:10:32 GMT

The Clifford Chance team was led by London Insurance M&A partners Ashley Prebble and James Cashier, Senior Associate Nancy Li and Associate Beth Eyre, with Finance Partners Richard Day and Neil Cavanagh and Senior Associate Liam Dunne. The global CC team included Lounia Czupper, Hanne Delbare and Sebastien Nerincx in Belgium, Filippo Isaaco, Riccardo Coassin, Chiara Commis and Teresa Giaccardi in Milan and Frederick Lacroix, Louis-Auguste Barthout and Thomas Jardin in Paris.

Legance acted as Italian law counsel and assisted AXA with a multidisciplinary team led by senior partner Filippo Troisi, assisted by senior counsel Lorenzo De Rosa and Filippo Innocenti and made up of, for the corporate counsels, senior associate Camilla Tallia and associates Giulia Galeota, Giulia Nicolosi and Giovanni Manno. Regulatory matters were covered by counsel Armenia Riviezzo and associate Claudia Comi, antitrust issues by senior counsel Jacopo Figus, golden power aspects by partner Valerio Mosca and senior associate Carlo Corazzini, data protection matters by counsel Lucio Scudiero and associate Luca Dodet, tax matters by partner Marco Graziani and senior associate Francesca Sipala.

Clifford Chance advises on CEL's inaugural notes issuance, guaranteed by the Republic of El Salvador

Tue, 05 Aug 2025 14:35:00 GMT

CEL is a public autonomous entity of the Republic of El Salvador which develops and manages the country's energy resources. It is dedicated to generating electricity from renewable sources, particularly hydroelectric power.

The Clifford Chance team advising on the transaction was led by partner Hugo Triaca and included associates Joyce Moore, Alexandra Machado and Agata Radajczyk, and foreign lawyer Juan Andrés Bosch.

Clifford Chance advises on many sovereign and quasi-sovereign transactions in the Latin American market, including on the recent US$1 billion notes issuance and tender offer by the Republic of El Salvador and sustainable bond offering and related tender offer by Peru's COFIDE.

Clifford Chance advises UniCredit Bank GmbH on a syndicated loan for BIOTRONIK SE & Co. KG

Tue, 05 Aug 2025 13:08:48 GMT

The Clifford Chance team based in Frankfurt advising UniCredit Bank GmbH comprised partners Bettina Steinhauer and Simon Reitz, senior associate Marcel Knörchen and associate Sebastian Wurm (all Global Financial Markets), partner Olaf Mertgen and counsel Steffen Waadt (both Tax, all Frankfurt) as well as lawyers from the New York, Singapore, Tokyo, Paris, Milan and Brussels offices.

Clifford Chance advises Mitsubishi Corporation on strategic increase of stake and business alliance with Thai Union Group

Tue, 05 Aug 2025 10:22:00 GMT

Mitsubishi Corporation, a global conglomerate headquartered in Japan, has been a shareholder of TU for over 30 years. As part of the above transaction, the firm has also advised Mitsubishi Corporation on the entry into a business alliance agreement with TU.

Lead Partner Amy Ho said, "We are proud to have supported Mitsubishi Corporation on this milestone transaction, building on our long-standing relationship and strong understanding of their strategic objectives. Our extensive experience advising Japanese clients on complex outbound investments, particularly in Southeast Asia, enables us to deliver tailored, cross-border legal solutions that help our clients achieve their growth ambitions."

Amy was supported by cross-border and cross-practice teams advising on the international aspects of the deal, including

M&A aspects: counsel Vipavee Map Kaosala and Chloe Choy, senior associate George Lau, associate Adam Boulanger and trainee solicitor Natalie Tse (all Hong Kong-based).
Merger control and Foreign Direct Investment (FDI): partners Masafumi Shikakura (Tokyo) and Luciano di Via (Rome), counsel Chandralekha Ghosh (Tokyo) and Caroline Scholke (Düsseldorf), associates Lisa Rotterdam (Düsseldorf) and Alessandra Oliva (Milan), and trainee solicitor Yuka Queen (Tokyo).
Compliance: counsel Tess Forge (Singapore). Chuchu Wei (associate) from Shanghai He Ping Law Firm* has also provided support.

This transaction continues Clifford Chance’s track record of advising on high-profile cross-border M&A transactions in Southeast Asia such as advising Home Credit on sale of its Vietnam business to Siam Commercial Bank for €800 million and Barito Renewables on its acquisition of five wind assets in Indonesia, including the country's largest wind farm.

* Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.

Clifford Chance advises THEON on its investment in ANDRES

Tue, 05 Aug 2025 07:45:13 GMT

This minority acquisition is part of THEON’s strategy to expand its presence in Germany, to enhance its digital/thermal capabilities and also aligns with the European Defense Industry Integration (EDII) which is actively pursued by all European Union members’ leadership. ANDRES' facilities are visioned to strengthen and provide support in THEON's operations in Germany.

Founded in 1999, Andres Industries AG is a Berlin-based company specialising in the development and production of high-quality thermal imaging devices. They supply both public authorities and armed forces as well as the civilian market.

THEON International plc is the parent company of THEON Sensors S.A., a leading manufacturer of Night Vision and Thermal Imaging systems for defence and security applications with a global footprint. THEON Sensors S.A. plays a leading role in the industry with international presence, including offices in Greece, Cyprus, USA, UAE, Switzerland and Singapore, as well as 3 production facilities in Athens (Greece), Wetzlar (Germany) and Plymouth (USA). The company also just announced the establishment of new facilities in Belgium.

Clifford Chance regularly advises THEON, most recently in November 2024 on its acquisition of German Harder Digital Group.

The Clifford Chance team advising THEON on this current transaction comprised partner Christian Vogel, counsel Max Alles and associates Max Petzelberger and Thomas Sandt (all Corporate/M&A, Düsseldorf and Munich), partner George Hacket (Capital Markets, Frankfurt), counsel Cord Freiherr von Mandelsloh (Tax, Düsseldorf) as well as partner Dimitri Slobodenjuk and senior associate Arne Gayk (both Antitrust, Düsseldorf).

Clifford Chance is advising KKR on its strategic partnership with Harley-Davidson

Mon, 04 Aug 2025 17:19:07 GMT

Partners Alistair Dunlop (asset-based finance) and Neil Barlow (private equity) are leading the team advising KKR with support from counsel Michael Welch, and associates Eric Schaffer and Austin Johnson. Partner Jim Gouwar and associate Michaela Morr are advising on tax, and partner Darren Littlejohn on derivatives matters. Law clerks Jake Hewitt and Sam Steinert round out the wider team.

Clifford Chance strengthens Executive Compensation offering with addition of counsel Meghan Fox

Mon, 04 Aug 2025 14:00:00 GMT

Fox has more than 15 years of experience advising a wide variety of clients in transactional matters, including private and publicly held companies, with respect to the executive compensation and employee benefits issues arising in mergers and acquisitions, spinoffs, initial public offerings, restructurings, divestitures and other corporate transactions.

She regularly advises clients on the design, implementation and administration of equity and cash-based incentive plans, the negotiation of employment, separation and incentive agreements and the applicable tax, securities law, corporate governance and disclosure implications of those arrangements.

Paul Seraganian, Regional Practice Area Leader for Tax, Pensions and Employment, said, "We’re excited to welcome Meghan to the team during a time of transformative growth in our region. Her comprehensive knowledge and thoughtful approach to employee benefits and executive compensation—particularly in complex transactions like mergers, IPOs, and restructurings—will bring exceptional value to our clients. She brings strategic insight to help both public and private companies navigate today’s evolving landscape."

Reuven Falik, co-chair of the US Executive Compensation Group, said, "I’ve had the pleasure of working closely with Meghan for many years and am thrilled she’s joining Clifford Chance. She brings a deep understanding of executive compensation to every transaction, from structuring equity and cash-based incentives to advising on the regulatory and governance considerations that come with them. Her insight and judgment in this space will be a tremendous asset to our clients."

Fox said, "I look forward to joining Clifford Chance and being part of a firm that leads with both a global perspective and a strong commitment to its clients. The TPE team plays a critical role in supporting the executive compensation aspects of complex transactions, and I look forward to collaborating with this talented team to help clients through these high-impact moments with clarity and confidence."

Clifford Chance advises on the seventh issuance of Women's Livelihood Bond by Impact Investment Exchange

Mon, 04 Aug 2025 08:20:00 GMT

The bonds are issued in compliance with the Orange Bond Principles™. The proceeds will be used to extend loans to high impact enterprises, benefitting approximately 773,000 – 816,000 underserved women and girls (from low-income, rural, or semi-urban, minority or otherwise disadvantaged communities) in India, Indonesia, the Philippines and Sri Lanka.

Since its inception in 2017, the WLB Series has mobilised US$288 million including WLB7.

Partner Gareth Deiner and counsel Claire Neo led the deal, with support from senior associate Nicholas Henneberry, associates Joel Sherard and Chak Ching Lau and professional support lawyer Joanne Pacewicz. Partner Leng-Fong Lai and senior consultant James Booth acted on behalf of the trustee, The Bank of New York Mellon.

Gareth commented, "We are delighted to have once again supported the Placement Agents and Impact Investment Exchange on this landmark matter. Leveraging our experience in sustainable finance, we are proud to contribute to a financing initiative that delivers meaningful social impact and advances the economic empowerment of women and girls across the Global South."

Orange Bonds – which draw their name from the orange hue of United Nations’ Sustainable Development Goal (UN SDG) 5: Gender Equality – are a class of sustainable financial instruments that aim to eliminate gender bias and improve equality and living standards by mobilising new sources of capital for empowerment minorities to build a gender-empowered financing system.

Clifford Chance has advised previous issuance of WLB which includes WLB3, WLB4Climate, WLB5 and WLB6.

Clifford Chance advises Brazil's Sabesp on first ever corporate blue bond issuance by a company in Latin America

Fri, 01 Aug 2025 21:08:00 GMT

This is both the second largest blue bond offering globally and the fourth largest international debt offering out of Latin America this year. It also marks Sabesp's first international bond offering since their privatization in 2024, where Clifford Chance advised the company on its SEC registered offering.

The multijurisdictional Clifford Chance team was led by counsel Anja Pfleger Andrade in São Paulo with the support of partner Jon Zonis in New York, and included:

São Paulo: Staff attorneys Guilherme Laudisio and Pedro Henrique Menegat, trainee solicitor Brynley Hamer, and intern João Godoy
Luxembourg: Senior partner Christian Kremer, associate Federica Gamen, and trainee lawyer Victor Hilbertz
New York: Partner Avrohom Gelber (Tax)
Houston: Associate Kade Moural (Tax)
London: Partner Michael Brown and senior associate Phil Sandu advised on the hedging aspects of the deal (Derivatives)

Pfleger Andrade commented, "We are proud to advise Sabesp on this first-of-its-kind transaction, which reinforces the importance of sustainable finance in Latin America and highlights the growing role of blue bonds in addressing environmental challenges."

Clifford Chance advises on many offerings in the Brazilian market. Recently, the firm also advised Banco Votorantim and Itaú BBA in connection with the reopening of its previous US$500 million issuance of 5.875% Senior Notes due 2028. The transaction was a private placement that involved a new issuance of an additional US$120 million of notes under the same terms.

This year, Clifford Chance has also advised on Méliuz's follow-on share offering to fund its bitcoin asset purchase, the first issuance by Banco Votorantim's newly established Luxembourg branch, and Itaú Unibanco and Banco Bradesco's senior notes offering and sustainability-linked private placement.