RAD and Echecopar counsel on IPSA bond issue

Rebaza Alcázar & De Las Casas has counselled Banco de Crédito del Perú – BCP, in its role as structuring entity, while Estudio Echecopar, associated with Baker & McKenzie International, advised Inmuebles Panamericana (IPSA) and certain subsidiaries, as originators, in its fifth private issuance of securitised bonds.

The issuance was made under the Securitisation Trust of Inmuebles Panamericana’s Second Securitised Bond Issue Programme, for up to S/110 million. The bonds have been issued through a private offering and are aimed exclusively at institutional investors.

The bonds are backed by a securitisation trust comprising certain collection rights and cash flows. In addition, the bonds are backed by certain specific guarantees.

The proceeds from the placement of the bonds will be used to redeem all of the outstanding bonds issued under the First Securitised Bond Issuance Programme – IPSA and Subsidiaries.

IPSA is a national leader in the management of shopping centres and in the real estate and retail sector. It is the owner of Mega Plaza Independencia, one of the most important shopping centres in Peru, with preponderant influence throughout North Lima, and is part of the Parque Arauco group of companies, a Chilean-owned holding company with recognised prestige in the management and development of first class shopping centres, such as Larcomar in Miraflores, and Outlet Arauco and ViaMix in Lurín.

Melissa Calderón and Madelaine Castro acted as in-house advisors to BCP; while Alejandra Uribe Claudia Ramos acted as in-house advisor to IPSA.

RAD’s team was led by partner Daniel Gonzales (pictured left), with support from senior associate Fiorela Ccahua.

Estudio Echecopar’s team was represented by partner Alonso Miranda (pictured right) and senior associate Adrian Tovar.