Shearman & Sterling represented BofA Securities, Inc., Citigroup Capital Markets Inc. and J.P. Morgan Securities LLC, as joint bookrunners in a Rule 144A and Regulation S international offering by Fondo MIVIVIENDA S.A. (FMV) of $600 million aggregate principal amount of FMV’s 4.625% sustainable notes due 2027 and as dealer managers in an offer to purchase any and all of FMV’s outstanding 3.500% notes due 2023. FMV intends to use an amount equal to the net proceeds from the notes offering to fund existing or future investments in, or financings of, eligible projects (as defined in the final offering memorandum related to the notes offering), including investments in sustainable and social inclusion housing projects.
Pending allocation to such eligible projects, FMV used the net proceeds from the notes offering to fund the consideration for the tender offer, amounting to $477 million, and to cover expenses related to the notes offering and the tender offer.
Fondo MIVIVIENDA S.A. is a for-profit entity wholly-owned by the Peruvian state, established with the principal goal of providing access to mortgage financing for lower- and middle-income working families and individuals.
The Shearman & Sterling team below included associate Sydney Kane (New York – Tax), and visiting attorney Sebastian de la Puente (New York – Capital Markets).