Cariola advises Rentas e Inversiones Baker on a credit facility restructuring

Chilean Cariola Diez Perez – Cotapos has advised Rentas e Inversiones Baker SpA on a credit facility restructuring

Cariola Diez Perez – Cotapos has advised Rentas e Inversiones Baker SpA as the borrower, in connection with a credit facility restructuring and a new facility for the total principal amount of UF 2,000,0000 (US$83,500,000 approx.) granted by Scotiabank Chile.

The facility will be secured with real estates of the borrower and pledges over lease agreements.  The borrower is the real estates´ holder subsidiary of Southern Cross Latin America Extension Fund IV, L.P., the controller of Esmax Distribución, a major operator and distributor of gasoline and other fuel oil products in Chile under the license and brand of Petrobras

Baker was created in 2019 as a result of a reorganization of Esmax’s business, a Petrobras licensee and the successor of Esso Chile.

Nowadays Baker is a real estate leasing company with 81 land and 78 long-term leases with Esmax Distribution’s chain of service stations and with stand-alone tenants commercially complementary to the fuels business. Esmax Distribución’s chain of service stations and stand-alone tenants are commercially complementary to the fuels business.

Cariolas team was led in this operation by partner Rodrigo Sepúlveda (pictured left) and associate María Jesús Kipreos (pictured right).