Echecopar advises on Aleatica loan
Peru’s Estudio Echecopar has advised Autopista del Norte (AUNOR) and its parent company Aleatica on a financing of up to $350 million to the former to refinance existing debt and road projects
The loan was provided by a syndicate of local and international banks and a multilateral entity formed by Sumitomo Mitsui Banking Corporation, Banco de Crédito del Perú, Banco Santander, Itaú Corpbanca New York Branch, Inter-American Investment Corporation, Crédit Agricole Corporate and Investment Banking, and ING Bank (Dublin Branch).
The loan was jointly structured by Sumitomo Mitsui Banking Corporation and Banco de Credito del Perú.
Tranche A of the financing funds of $150 million will be used to refinance the existing debt of AUNOR assumed in relation to the development of the works under the Concession Contract of the Road Sections of Road Network No. 4 (Pativilca-Santa Trujillo and Salaverry-Junction R01N), while Section B of the financing funds of up to $200 million will be used for the construction of the Chimbote bypass and expansion works agreed under an addendum to the concentration agreement.
The transaction was jointly led by the offices of Baker & McKenzie in Lima (Estudio Echecopar), New York and Chicago, who advised AUNOR and Aleatica Group companies (the sponsor) on the documents, under Peruvian and New York law, of the financing. Likewise, the firm advised Aleatica on all aspects related to the negotiation and approval by the Ministry of Transportation and Communications of the bankability addendum necessary to carry out, and make financially and regulatorily viable, the transaction.
Echecopar’s team in Lima featured partner Juan Carlos de los Heros (pictured) and senior associate Fernando Sam, and in New York and Chicago by partners José Morán and Juan Gonzales, partners, and senior associate Uldarico Ossio.
