1 May, 2018 Peru

Graña y Montero continues divestment to pay off debt

Banking, Finance and Capital Markets

UK investment manager Ashmore Group has hired Estudio Echecopar member firm of Baker McKenzie International to acquire Peruvian mining services company Stracon GyM from Graña y Montero, allowing the embattled Peruvian conglomerate to continue to pay off an outstanding loan.

Graña y Montero relied on Muñiz, Olaya, Meléndez, Castro, Ono & Herrera in the US$77 million deal, which closed on 11 April.

Carrera, Pinatte & Baca-Alvarez helped Ashmore’s co-investor, Stephen Dixon, who is a manager and minority shareholder in Stracon. Ashmore holds 63% of Stracon, with Dixon owning the remaining stake.

Estudio Echecopar and Carrera Pinatte also advised both parties on their US$56 million acquisition financing. The lenders, Banco de Crédito del Peru, Scotiabank Peru and BD Capital, relied on Rebaza, Alcázar & De Las Casas. That deal closed on 11 April.

Graña y Montero has lately sold off assets to reduce debt obligations arising from the government’s decision to cancel its contract to build the 1000-kilometre Gasoducto Sur Peruano pipeline together with Brazilian construction company Odebrecht and Spanish counterpart Enagás. It used the funds from the Stracon GyM sale to make a prepayment to its creditors for an outstanding loan. The creditors, a union of local banks, enlisted Philippi Prietocarrizosa Ferrero DU & Uría (Peru).

Counsel to Ashmore Group

Estudio Echecopar member firm of Baker McKenzie International
Partners Oscar Trelles, Liliana Espinosa, Rafael Picasso and Alonso Miranda and associates Paolo Robilliard, Carla Figallo, Andrea Caceres and Luis Ernesto Marín

Counsel to Stephen Dixon

Carrera, Pinatte & Baca-Alvarez

Partners Germán Carrera and Luis Mejía and associate Silvia Ballester

Counsel to GyM

In-house counsel – Renzo Arbocco

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera
Partners Mauricio Olaya and Juan Carlos Velez, and associates Ricardo de la Piedra and Wilfredo Caceres

Counsel to Banco de Crédito del Peru, Scotiabank Peru and BD Capital

Banco de Crédito del Peru – Fernando de la Flor

In-house counsel to Scotiabank – Derek Ricketts and Carla Narváez

Rebaza, Alcázar & De Las Casas
Partners Rafael Alcázar, Juan José Cárdenas, José Jiménez, Camilo Maruy and Luis Miguel Elías, and associates Cinthia Cánepa, Ricardo Cárdenas, Gonzalo Soriano, Diana Gárate, Lucía Ochoa, Andrea Rieckhof, Sebastián De La Puente and Martín La Rosa

Counsel to BBVA Banco Continental, Banco de Crédito del Perú, Scotibank Peru, Banco Internacional del Perú, Citibank del Perú and Citibank

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)
Partner Rafael Puiggros and associate Luciana Carpio-Rivero