Echecopar steers the refinancing and extension of a revolving senior secured credit facility agreement

Estudio Echecopar member of Baker & McKenzie has advised Banco de Crédito del Perú and Scotiabank Perú on the refinancing and extension of a revolving senior secured credit facility agreement 

Estudio Echecopar, member firm of Baker & McKenzie has advised Banco de Crédito del Perú and Scotiabank Perú S.A.A., through the structuring services of Credicorp Capital Servicios Financieros S.A., and Scotiabank Peru S.A.A. as arrangers in the refinancing and extension of a revolving senior secured credit facility agreement dated 19 September 2017, as amended in July 2020, for an aggregate principal amount of $ 150,000,000.00 dollars to Gold Fields La Cima S.A.  a wholly-owned subsidiary of Gold Fields Limited, one of the world’s largest gold mining firms, headquartered in Johannesburg, South Africa, and listed on both the Johannesburg Stock Exchange and the New York Stock Exchange.

This was an extension and amendment to an existing facility, governed under English law with an onshore and offshore security package; structured and led by Peruvian lenders.

The deal also involved the amendment to a Peruvian law pledge agreement, the notes evidencing the loan and the English law security package, as a result of the updated terms of the loan, and the transition due to the discontinuation of LIBOR.

Partner Marco Alarcón, senior associate Fernando Sam and associates Cinthya Delgado and Oscar Ballón advised Credicorp Capital Servicios Financieros, Banco de Credito del Peru and Scotibank Peru S.A.A. throughout the process. Both entities had legal advice from their internal legal team.

The deal was partially impacted due to COVID-19 conditions changing the mechanics for closing and disbursement and the effects of Brexit in connection with the ability of the offshore security agent to render services as such.