Garrigues advises on Universidad Tecnológica del Perú financing

Garrigues Peru has assisted in the financing of the Universidad Tecnológica del Perú for 750 million soles

 Garrigues Perú has advised Scotiabank Perú S.A.A., Banco de Crédito del Perú and Credicorp Capital Servicios Financieros S.A., on two bilateral financings for 450 and 300 million soles, respectively, in favor of Universidad Tecnológica del Perú S.A.C., an educational company belonging to Grupo Intercorp del Perú.

The loan was signed on 22 June, while the disbursement took place on 2 July 2021. The proceeds will be used by UTP to restructure its financial indebtedness and invest in CAPEX.

The financings were structured on a bilateral basis, with each of Scotiabank and BCP entering into separate loan agreements with UTP. Garrigues acted as counsel to the lenders using separate teams to advise each independently.

Sergio Amiel, partner at Garrigues, who led the Scotiabank financing, said: “We congratulate the teams at UTP and the lender on the closing of these financings in the ever-important education sector. It is an important milestone to have achieved this simultaneous closing despite the situation our country is going through.”

For his part, Diego Harman, Garrigues partner leading the BCP financing, commented: “It is a pleasure to have contributed to the financing of UTP, as advisors to BCP/Credicorp Capital. The transaction was particularly complex as, although each lender negotiated the documentation separately, a single Cash Flow Trust had to be uniquely designed to serve as the primary source of repayment for both financings simultaneously.”

Garrigues’ team consisted of partners Sergio Amiel (pictured left) and Diego Harman (pictured right), assisted by associates Jorge Calle and Andrea Paiba.