Estudio Echecopar, member firm of Baker & McKenzie International advised Banco BBVA Perú, Banco Internacional del Perú S.A.A. and Scotiabank Perú S.A.A. (jointly, the "Lenders") in connection with the preparation, execution and delivery of a comprehensive amendment to the PEN 1,168'289,172.40 senior unsecured loan under the laws of Peru granted in favor of Union Andina de Cementos S.A.A. - UNACEM S.A.A. whose proceeds had been used to refinance existing debt of UNACEM S.A.A. with the Lenders (the "Transaction").
The reason to execute the Transaction derived from the need to adapt the loan facility to the corporate reorganization carried out by UNACEM S.A.A., which included the incorporation of a new subsidiary (Unacem Perú S.A.) to whom UNACEM S.A.A. would transfer part of its cement manufacturing business in Peru and assign part of the senior unsecured loan granted by the Lenders. In that line, the purpose of the Transaction was also to include Unacem Perú S.A. as co-borrower under the loan agreement so that both companies became jointly and severally liable before the Lenders for the payment of the senior unsecured loan granted initially to UNACEM S.A.A.
Partner Marco Alarcon, of counsel Luis Ernesto Marin and associate Adrian Tovar advised Banco BBVA Perú, Banco Internacional del Perú S.A.A. and Scotiabank Perú S.A.A. throughout the process.
