21 August, 2018 Peru

Muñiz Olaya and PPU steer debt tender offer in Peru

Banking, Finance and Capital Markets

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera has helped local hotel operator Inversiones La Rioja repurchase previously issued debt worth US$42 million through a tender offer.

La Rioja hired BBVA Banco Continental as dealer manager, which relied on Philippi Prietocarrizosa Ferrero DU & Uría (Peru). The offer closed on 7 August.

To fund the tender offer, another team from Muñiz Olaya helped La Rioja obtain a US$42 million loan from Banco de Crédito del Perú. The lender relied on a different team from PPU to the tender offer.

Peruvian hotel developer Inversiones Nacionales de Turismo, part of conglomerate Grupo Breca, acquired La Rioja in October for US$218 million.

On the tender offer

Counsel to Inversiones La Rioja

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera

Partners Andres Kuan-Veng and Mercedes Fernandez

Counsel to BBVA Banco Continental

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)

Partners Ronald Fernandez-Davila and Antonio Guarniz, and associates Gabriela Cuadros and Paulo Isla

On the loan

Counsel to Inversiones La Rioja

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera

Partners Andres Kuan-Veng and Gillian Paredes, and associate Alesandra Azcarate

Counsel to Banco de Crédito del Perú

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)

Partner Ronald Fernandez-Davila and associates Gabriela Cuadros and Fiorella Ruiz

Source: Latin Lawyer

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