PPU counsels Mall Aventura on bridge loan and bond issue
Philippi Prietocarrizosa Ferrero DU & Uría Peru has counselled Mall Aventura in the process of obtaining a bridge loan with Scotiabank Peru as lender for PEN 350’000,000.00 (approximately USD 93’750,000.00), as well as in the issuance and private placement of asset-backed bonds for PEN 400’000,000.00 (approximately USD 107’150,000.00).
As for the bridge loan, this transaction provided for the prepayment of an existing Mall Aventura debt (mall lease agreements) and the negotiation of several amendments to the guarantee trust and cash flow trust.
Regarding the securitised bond offering, the transaction is relevant as it is the largest securitised bond issuance by a corporate entity in the Peruvian Capital Market since 2019.
The closing date for this transaction was 20 December 2024. Scotia Sociedad Titulizadora acted as trustee of the securitisation trust, while La Fiduciaria acted as trustee of the guarantee trusts. Garrigues acted as counsel to Scotiabank.
Betsabé Aguilar acted as in-house counsel to Mall Aventura. Derek Ricketts, Rodrigo Rehmer Muñoz and Wendy Garcia acted as in-house counsels to Scotiabank.
Garrigues’ team included partners Sergio Amiel and José Francisco Meier, and associates Melissa Velasco, María Paz Delgado and Monica Yrrarazabal.
PPU’s team included partner Antonio Guarniz (pictured) and associate Mario Arce.
