Different firms advise on financing and sale of Oxzo

Several firms have advised on two transactions involving Oxzo, a company that provides oxygenation services for salmon farming, linked to Fiordo Austral.

The first transaction, closed on 17 October, is a syndicated loan in favour of Oxzo with DNB Bank ASA, Coöperatieve Rabobank and Scotiabank Chile for up to USD 55 million.

The facility was divided into two tranches: (i) Tranche A facility: for an amount of USD $15,000,000; and (ii) Tranche B facility: for an amount of up to USD $40,000,000. In addition, the advisory services included the structuring and negotiation of security agreements, the collateral agency agreement and the granting of corporate approvals, as well as other documents associated with the transaction. 

The financing is secured by the borrower’s assets consisting of pontoons used to provide oxygenation services.

In this transaction Barros & Errázuriz acted as advisor to Oxzo, while Cariola Díez Pérez Cotapos advised the banks, while VLA Abogados advised Oxzo in relation to internal corporate matters.

In addition, Barros & Errázuriz advised Fiordo Austral, and Bofill Mir advised Altis Principal Investments (Altis) on the sale of 35% of Oxzo to the Scuba Investment Fund, an investment vehicle of the private equity arm of Altis, a Chilean financial services conglomerate.

This transaction was initiated in June and closed on 24 October. Larraín Vial acted as financial advisor to Fiordo Austral and VLA Abogados also assisted Oxzo in connection with the preparation of disclosure schedules and diligence matters. 

Oxzo is a provider of on-site oxygenation services to the salmon farming industry. With clients in Chile, Norway and Canada, Oxzo’s patented, state-of-the-art technology enables Oxzo to provide stand-alone on-site oxygenation services to salmon farms, improving productivity and sanitary conditions in salmon farms.   

VLA Abogados’ team included Juan Cristóbal Jaramillo and Ignacio Michellis.

Cariola’s team was led by partner Juan Antonio Parodi (pictured top left), with support from senior associate Teresita Fernández and associate Glen Rybertt.

Bofill Mir’s Corporate team consisted of partners Octavio Bofill (pictured top centre, left) and Ana María Yuri (pictured top centre, right), senior associate Paula Donoso, associates Benjamín Guerrero, Sofía Rivera and Martina Preuss. The Due Diligence team was composed of partner Feliciano Tomarelli (pictured top right), as well as Sebastián Fernández, Ignacio Avendaño, Vicente Lanis, María Pilar Domínguez, Pablo Nogueira, Jorge Tisné, Pablo Gutiérrez, Camila Pumarino, Sebastián Cañas and Marcos Gutiérrez.

The B&E team advising on the first transaction involved partner María Olga Rivera (pictured bottom left), senior associate Jean Andre Petit, associates Francisco Matte, Tommaso Gritti and Magdalena Ramírez, as well as partner Carola Trucco and senior associate María Luisa Marraccini. The team on the second transaction was represented by partners Luis Alberto Letelier (pictured bottom centre) and Lucas Marinovic (pictured bottom right) and lawyers Juan Ignacio Galdámez and Bernardo Pérez.