Echecopar counsels lenders on a loan to UNACEM
Estudio Echecopar has assisted BBVA, Banco Internacional del Perú and Scotiabank in a loan in favour of Unión Andina de Cementos
Estudio Echecopar, associated with Baker & McKenzie International, has advised Banco BBVA Perú, Banco Internacional del Perú S.A.A. and Scotiabank Perú S.A.A. in connection with the preparation and execution of a comprehensive amendment to the unsecured loan for 1,168’289,172. 40 Peruvian soles under Peruvian law in favour of Unión Andina de Cementos S.A.A.A. – UNACEM S.A.A.A., the proceeds of which had been used to refinance existing debt of UNACEM S.A.A.A. with the Lenders.
The reason for entering into the comprehensive amendment was the need to bring the credit facility in line with the corporate reorganisation carried out by UNACEM S.A.A., which includes the incorporation of a new subsidiary (Unacem Peru S.A.) to which UNACEM S.A.A. will transfer assets and liabilities related to the cement business in Peru and assign part of the loan granted by the Lenders.
In addition, the purpose of the transaction was to include Unacem Peru S.A. as a co-borrower under the loan agreement so that both companies would become jointly and severally liable to the Lenders for the repayment of the unsecured loan originally granted to UNACEM S.A.A.
Echecopar’s team was composed of partner Marco Alarcón (pictured left), of counsel Luis Ernesto Marín (pictured top right) and associate Adrián Tovar (pictured bottom right).
