Alonso Miranda and Adrián Tovar

Echecopar in the redemption of CrediScotia Financiera bonds

Estudio Echecopar, associated with Baker & McKenzie International, has advised Scotiabank Peru, as deal manager, in the redemption of subordinated bonds issued by CrediScotia Financiera under the “First Programme of Subordinated Bonds CrediScotia Financiera – First Issue”, for a total amount of PEN 130 million.

The transaction had to be executed quickly to meet the conditions for the exercise of the call option by CrediScotia on 31 January 2024. As the SBS authorisation was issued in early January, a waiver from the bondholders had to be negotiated, which was finally obtained on 29 January 2024, in order to exercise the call option without complying with the prior notice period originally set out in the programme documents.

Echecopar’s team comprised partner Alonso Miranda (pictured left) and senior associate Adrian Tovar (pictured right).

L Giselle Estrada