Rebaza, Alcázar & De Las Casas acted for Termochilca on the refinancing of a $154 million debt. The lenders instructed Garrigues and Payet, Rey, Cauvi & Pérez.
Termochilca is a Peruvian electricity generation company which operates a thermal power plant in Chilca, in the region of Lima.
The transaction included the refinancing of the loans granted by Scotiabank Perú, Banco de Crédito del Perú (BCP) and Corporación Financiera de Desarrollo (Cofide).
In addition to the refinancing operation, Termochilca issued subordinated bonds in the local market in the amount of $35 million, approximately. The funds were employed to pre-pay part of the financing and cover project expenses. The entire issuance was awarded to Macro Asset Management.
Rebaza, Alcázar & De Las Casas advised Termochilca on both the financial restructuring and the bond issuance. Partners Rafael Alcázar, José Jiménez and Daniel Gonzales led the team.
The senior creditors Scotiabank Perú, BCP and Cofide instructed Payet, Rey, Cauvi and Perez Abogados.
Credicorp, which acted as structuring and placement agent on the issuance, retained Garrigues in Peru.