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The Firm represented Citibank, Morgan Stanley and Standard Chartered Bank, as initial purchasers, in connection with offerings by Corporación Financiera de Desarrollo S.A. (COFIDE) of US$300 million of 3.250% Senior Notes due 2019 and US$300 million of 5.250% Fixed-to-Floating Rate Subordinated Notes due 2029.  The subordinated notes qualify as Tier II Regulatory Capital  under Peruvian banking regulations. The offerings were conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933. 

COFIDE is a development bank owned by the government of Peru, focused on financing Peru’s economic and social development programs, particularly micro and small enterprise lending sector as well as infrastructure and environmental projects.  The net proceeds from the offerings are expected to be used for general business purposes, including to fund COFIDE’s extension of new loans.

The Simpson Thacher team included Juan Francisco Mendez and Nicolás Tirado (Capital Markets); and Jonathan Cantor and Chang Won Choi (Tax).