PPU instructed on $42 million crossborder loan for Intertug

Philippi Prietocarrizosa Ferrero DU & Uría advised Intertug on a $42 million syndicated credit agreement governed by New York laws. 

International Tug SA (Intertug) is part of Colombian business holding Grupo Transportadora and provides maritime vessel support services in Latin America and the Caribbean

As the co-borrowers (Intertug and some affiliates) are domiciled and operate in several locations, the collateral documents issued pursuant to the credit agreement involved different laws and jurisdictions. In the case of the maritime mortgage on the vessels, even though such vessels are registered in different jurisdictions, only one mortgage agreement covering all vessels was executed and governed by the laws of the jurisdictions in which the collateral vessel is registered.

Credit Suisse, Cayman Island Branch acted as lender, administrative and collateral agent while Metrobank and Davivienda were lenders.

Partner Hernando Padilla led the PPU team advising the co-borrowers under Colombian law.

Intertug also instructed Milbank in NY; Miranda & Estavillo in Mexico; Icaza, González-Ruiz & Alemán as special Panama counsel, Veirano Abvogados in Brazil and Clarke Gittens Farmer in Barbados. The borrowers also retained Gómez Ariza Abogados as special maritime Colombian counsel.

The banks instructed Paul Hastings in New York; Gómez Pinzon in Colombia; Creel, Garcia-Cuellar, Aiza y Enriquez in Mexico; Machado Meyer in Brazil and De Castro & Robles as special maritime Panamanian counsel.

PPU instructed on $42 million crossborder loan for Intertug

Ignacio Abella


The Latin American Lawyer is a bimonthly digital magazine, published by Iberian Legal Group, available in Spanish and Brazilian Portuguese. It represents the main source of information in the legal business sector in America Latina. The digital magazine – and its portal – address to the protagonists of law firms and in-house lawyers. The magazine is available for free on the website and on Google Play and App Store.

In every issue of the magazine, you will find rankings of lawyers, special report on trends, interviews, information about deals and their advisors.

For further information, please visit the Group’s website www.lcpublishinggroup.com

Iberian Legal Group, S.L.
Registered office: C/ Ríos Rosas 44A - 2 G,H 28003 Madrid España

Copyright 2023 © All rights Reserved. Design by Origami Creative Studio


Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on email
Share on telegram