Carey advises on extension of credit line to Capstone
Carey has advised Canadian Imperial Bank of Commerce on the modification and extension of a revolving credit facility from US $225 million to US $500 million plus US $100 million granted in favour of Capstone.
This transaction was signed on 22 July, where the other Latin American firms involved were Baker McKenzie as counsel to Capstone Copper Corp. and Capstone Mining Corp. in Chile, Cereceres Estudio Legal also as counsel to Capstone in Mexico, and Ritch Mueller and Nicolau as counsel to Canadian Imperial Bank of Commerce in Mexico.
The loan proceeds were used by Capstone to prepay existing financing with Glencore Chile that had previously been obtained in connection with the development of the Mantos Blancos concentrator project.
The advice included the preparation and signing of various guarantees granted under Chilean law, including commercial pledges on shares, non-possessory pledges on assets, including minerals extracted from the Mantos Blancos mining project, mortgages and covenants and pledges on subordinated claims, among others. It also involved the coordination and simultaneous execution of documents governed under the laws of Canada, Barbados, Luxembourg, Mexico, the United States and the United Kingdom.
Ritch Mueller y Nicolau’s team was represented by partner Jean Paul Farah Chajín.
Cereceres Estudio Legal’s team included partner Rafael Cereceres Ronquillo.
Baker McKenzie Chile’s team consisted of partner Sebastián Vivanco, and associate José Ignacio Berner.
Carey’s team was led by partner Felipe Moro (pictured), assisted by associates Victoria Alonso and Arturo Fasani.
