25 October, 2018 Peru

Peru’s Muñiz Olaya and PPU restructure loan

Banking, Finance and Capital Markets

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera has helped the subsidiary of Peruvian real estate conglomerate Breca restructure its US$60 million loan with Banco BBVA Continental.

The bank relied on Philippi Prietocarrizosa Ferrero DU & Uría (Peru). The deal closed on 13 September. 

INTURSA reduced its existing US$60 million loan to US$40 million and renegotiated its interest rates. BBVA first granted the credit facility in May 2017.

The deal took place only two days after INTURSA raised US$120 million in a public offering, which allowed the company to conduct the restructuring. Muñiz Olaya helped INTURSA on that transaction, which was the company’s first-ever issuance, while PPU advised BBVA as underwriter.

INTURSA will use the proceeds to fund the construction of two hotels in the Miraflores district in the capital Lima.

Counsel to Intursa

In-house counsel – Andrea Ostolaza

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera

Partners Andres Kuan Veng and Gillian Paredes

Counsel to BBVA Banco Continental

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)

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

Source: Latin Lawyer

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