Carey counsels Falabella on bond repurchases
Carey has counselled Falabella on the Chilean legal aspects of the partial repurchase of its bonds placed in the foreign market under Rule 144A and Reg S of the Securities and Exchange Commission under the U.S. Securities Act of 1933, maturing in 2027.
The advisory included the review of the bond repurchase offer, the agreement with the intermediaries of the purchase process and the preparation of legal opinions on Chilean legal aspects, as well as communications to the foreign and domestic market.
The transaction took place on July 26 for an amount of USD $100 million, and involved the Chilean and US jurisdictions. Davis Polk acted as US counsel to Falabella, while Garrigues and Cleary Gottlieb Steen & Hamilton advised JP Morgan and Santander locally and internationally, respectively.
This transaction was important for Falabella because it enabled it to reduce its debt to the market and improve its risk rating, a positive sign of recovery in the domestic and foreign markets.
Raimundo Langlois, Francisco Mobarec and Sabrina Yeatts acted as financial advisors for JP Morgan, while Morgana Castro, Daniela Irarrázaval and Verónica Vargas acted as financial advisors for Santander.
Javier Allard and Sebastián Peralta acted as in-house lawyers for Falabella.
Davis Polk’s team consisted of partner Maurice Blanco, associate Katia Brener, and foreign temporary associate Rodrigo Martínez.
Cleary’s team was represented by partner Adam J. Brenneman and associate Alejandro Martinez-Inzunza.
Garrigues’ team included partner Pedro García M., senior associate María Fernanda Jara V., and junior associate Makarena Faúndez Amigo.
Carey’s team was led by partners Cristián Eyzaguirre (pictured left) and Patricia Silberman (pictured right), and associate Ignacio Alfaro.
