19 September, 2018 Peru

Peruvian hotel builder issues bonds for the first time

Banking, Finance and Capital Markets

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera in Lima has helped a subsidiary of Peruvian real estate conglomerate Breca issue bonds worth US$120 million.

The arranger, BBVA Banco Continental, relied on Philippi Prietocarrizosa Ferrero DU & Uría (Peru) for the deal, which closed on 11 September.

The issuance was made by Inversiones Nacionales de Turismo (INTURSA), which is a subsidiary of Breca and involved in hotel construction. It is INTURSA’s first issuance of bonds.

INTURSA has been busy in the M&A market too recently. The company, which also owns Hoteles Libertador, announced yesterday that it has sold its 88-room Arequipa hotel to the Hoteles Costa del Sol chain for an undisclosed amount.

Counsel to INTURSA

In-house counsel – Andrea Ostolaza

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera

Partners Andrés Kuan-Veng, Mercedes Fernandez and Jorge Otoya, and associate Alesandra Azcarate

Counsel to BBVA Banco Continental

In-house counsel – Anabeli Gonzalez and Liliana Avellaneda

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)

Partners Ronald Fernández-Dávila and Antonio Guarniz, and associates Gabriela Cuadros, Paulo Isla and Oscar Villanueva

Source: Latin Lawyer

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