Fondo Mivivienda S.A.’s $607 Million Notes Offering


Estudio Echecopar, member firm of Baker McKenzie, Simpson Thacher & Bartlett, Garrigues and Shearman & Sterling have advised on the transaction

Fondo MIVIVIENDA S.A. is a for-profit entity wholly owned by the Peruvian state, established to provide access to mortgage financing for lower- and middle-income working families and individuals.

Shearman & Sterling represented Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc. as joint bookrunners in connection with Fondo MIVIVIENDA S.A.’s (i) international offering of US$150 million aggregate principal amount of its 3.500% notes due 2023, which was a further issuance of the 3.500% notes due 2023 originally issued on January 31, 2013 and (ii) global offering of Peruvian soles denominated, Peruvian law Bonos Corporativos in an aggregate principal amount of S/1.5 billion (approximately US$455.8 million) 7.000% Bonos Corporativos due 2024, of which S/927.6 million were sold internationally in the form of global depositary notes (GDNs) by the joint bookrunners. This is the first corporate global despositary notes offering in Peru. To date, the only other GDN offerings from Peru have been for the sovereign.

The Shearman & Sterling team included partner Antonia Stolper (New York-Capital Markets); counsel Grissel Mercado (New York-Capital Markets) and Jeffrey Tate (Washington, DC-Tax); associates Yesenia Judith Barberena (New York-Corporate) and Devon Yamauchi (Washington, DC-Tax); and visiting attorney Adriana Ospina-Jimenez (New York-Capital Markets).

Garrigues has advised Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc. with Oscar Arrus, Sergio Amiel and Miluska Gutiérrez

Estudio Echecopar, member firm of Baker McKenzie has advised Fondo Mivivienda S.A. with Alonso Miranda, Erik Lind Cosulich and Renzo Luna.

Simpson Thacher & Bartlett LLP has advised Fondo Mivivienda S.A. with Jaime Mercado (Picture) Robert E. Holo. Consultor sénior Jonathan Cantor. Asociadas Kirsten A. Harmon y Michelle A. Goldring. Asociado internacional Francisco Zappa.

Involved fees earner: Jaime Mercado – Simpson Thacher & Bartlett; Kirsten Harmon – Simpson Thacher & Bartlett; Michelle Goldring – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Oscar Arrús – Garrigues; Sergio Amiel – Garrigues; Miluska Gutiérrez Vega – Garrigues; Antonia Stolper – Shearman & Sterling; Grissel Mercado – Shearman & Sterling; Yesenia Barberena – Shearman & Sterling; Jeffrey Tate – Shearman & Sterling; Alonso Miranda Vargas – Baker & McKenzie; Renzo Luna Urquizo – Baker & McKenzie; Erik Lind Cosulich – Baker & McKenzie;

Law Firms: Simpson Thacher & Bartlett; Garrigues; Shearman & Sterling; Baker & McKenzie;

Clients: Morgan Stanley; Scotia Capital Inc.; Fondo Mivivienda S.A.;

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Author: Ambrogio Visconti.