Rebaza, Alcázar advises Edpyme on debt restructuring

Rebaza, Alcázar & De Las Casas has counselled Edoyme Acceso Crediticio on agreement with lenders’ syndicate

Rebaza, Alcázar & De Las Casas in Lima and Clifford Chance in New York advised Edpyme Acceso Crediticio on the structuring and negotiation of a debt restructuring agreement, governed by New York law, with 19 lenders, composed by banks and multilaterals, such as BIB, DWS, Responsibility, Banco de Occidente, FMO, IFC, among others.

The transaction closed on October 30, 2020. The amount of the transaction, corresponding to the restructured indebtedness with such lenders, was $210 million. The initial cumulative debt that Edpyme Acceso Crediticio acquired from the lenders is up to $245 million.

The purpose of the agreement is, among others, to defer capital amortization under the loan agreements entered into with each of the lenders for a certain period of time, allowing Edpyme Acceso Crediticio to address the impact of COVID-19 on its activities and continuing with its development.

Edpyme Acceso Crediticio is an institution of the Peruvian financial system with over 17 years of experience in the Peruvian microfinance sector. The company is a leader in the provision of financial services and loans for the purchase of vehicles through a network of branches in eight regions of Peru (Arequipa, Ica, La Libertad, Lima, Loreto, Piura, Puno and San Martin).

Rebaza, Alcázar & De Las Casas (Lima) team was led by partner Rafael Alcázar (pictured), and involved senior associate Ana María Sánchez.

Clifford Chance (New York) also assisted Edpyme with a team formed by partner Daniel Winick and associate Isidora Koutsoulias. Edpyme Acceso Crediticio S.A. general counsel Jorge Bardales mediated in the transaction too.

The lenders’ syndicate was assisted by Baker and Mckenzie (New York and Perú) with partner Margarita Oliva Sainz de Aja in Nueva York and senior associate Luis Ernesto Marín in Lima.