Salvador Valdés and Manuel José Garcés

Carey counsels EF Securitizadora on bond issuance

Carey has counselled EF Securitizadora, as securitizer and issuer, on the structuring and issuance of a securitized bond backed by current and future receivables of Inversiones y Tarjetas, a subsidiary of Empresas Hites.

The principal amount of the bond is approx. US $125 million, divided into two senior tranches for an amount of approx. US $75 million, and one subordinated tranche for approx. US $50 million.

The transaction included an offer by Empresas Hites to its bondholders to exchange their existing corporate bonds for these new securitised senior notes. The exchange offer was overwhelmingly successful: 99.98% of the corporate bondholders accepted the offer, largely because the senior bonds received an AA risk rating.

The transaction was completed on 5 July 2024. Bofill Mir advised the corporate bondholders, while Garrigues advised the creditors of Empresas Hites.

The advice involved the structuring of the bond, the negotiation of the transaction documents and the registration with the CMF.

Eduardo Rodríguez Pérez acted as in-house counsel to Empresas Hites.

Carey’s team was led by partners Salvador Valdés (pictured left) and Manuel José Garcés (pictured right), with support from associates Angélica De La Carrera, Antonio Dourthe, Nicolás Fosk and Borja Ochagavía.

Bofill Mir’s team was represented by partners Octavio Bofill and Ana María Yuri and director Andrea Alarcón.

Garrigues’ team included partner Pedro García and associates Macarena Fuentes and Vicente Milic.

L Giselle Estrada

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