Estudio Echecopar, member firm of Baker & McKenzie International and Baker & McKenzie LLC advised Perurail S.A. (the "Borrower") and entities of its economic group that acted as guarantors, which included Belmond Ltd, Peruval Corp S.A. and Peruvian Trains & Railways S.A. (the "Guarantors") in connection with the preparation and execution of a USD 65,000,000.00 senior secured loan under the laws of New York granted by Banco Santander S.A., Banco Santander Peru S.A. and Global Bank Corporation, with the intervention of Banco de Crédito del Perú as Administrative Agent (the "Transaction"). The use of proceeds involved, among others, the refinance of the existing debt of the Borrower with Banco Santander, S.A. for an outstanding amount of USD 39’000,000.00 (the “Existing Debt”) and the financing of general corporate purposes and capital expenses of the Borrower.
Estudio Echecopar and Cleary Gottlieb Steen & Hamilton LLP provided joint support to the Borrower and the Guarantors in connection with the Peruvian law and New York law transaction documents, respectively. The Peruvian Transaction documents involved the complete security package, which was composed of two pledge agreements and the amendment of the trust agreement governed by Peruvian law that secured the Existing Debt.
Partner Marco Alarcon and associate Adrian Tovar advised Perurail S.A. and the guarantors throughout the process.