PPU advises BBVA Banco Continental on $123m loan to Codesur in Peru
BBVA Banco Continental instructed Philippi Prietocarrizosa Ferrero DU & Uría on a PEN396 million ($123.750 million approximately) to Concesionaria Desaladora del Sur.
Concesionaria Desaladora del Sur (Codesur) is a Peruvian company responsible for designing, financing, building, operating and maintaining the potable water distribution system for districts in the south of the capital Lima. It holds a concession for 25 years to develop the services of potable water and wastewater treatment in those areas.
PPU has advised BBVA and the Trustee of the securitization trust (Continental Sociedad Titulizadora SA) in the negotiation and execution of the financing documents with the Concessionaire, the applicable due diligence and the negotiation of the changes of the collection trust with SEDAPAL.
Partner Ronald Fernández-Dávila led the PPU team advising the lender and the trust.
Concesionaria Desaladora del Sur instructed a team at Garrigues in Peru led by partner Oscar Arrus.
