Estudio Echecopar, member of Baker & McKenzie International, advised Autopista del Norte S.A. (AUNOR) and Aleatica S.A.U. on USD 350 million senior secured financing to Autopista del Norte S.A.C., a subsidiary of Aleatica, from a syndicate of domestic and international banks and development entity, formed by Sumitomo Mitsui Banking Corporation, Banco de Crédito del Perú, Banco Santander, S.A., Itaú Corpbanca New York Branch, Inter-American Investment Corporation, Crédit Agricole Corporate and Investment Banking, and ING Bank N.V., Dublin Branch. Sumitomo Mitsui Banking Corporation and Banco de Crédito del Perú acted as joint mandated lead arrangers.
The proceeds of the loan comprise a Tranche A for an amount of up to USD 150 million for refinancing of existing debt incurred by AUNOR in connection with the project financing of the works committed under the Contrato de Concesión (Concession Agreement) de los Tramos Viales de la Red Vial Nº 4 (Pativilca– Santa Trujillo y Salaverry – Empalme R01N), and a Tranche B for an amount of up to USD 200 million for the construction of the Via de Evitamiento Chimbote, expansion works and additional infrastructure agreed under an amendment to the Concession Agreement.
The transaction was jointly led by Baker & McKenzie's offices in Lima (Estudio Echecopar), New York and Chicago, which advised AUNOR and the Aleatica (Sponsor) in connection with the Peruvian-law and New York- law financing documents. In addition, we advised both companies on all aspects in relation to the negotiation and approval by the Peruvian Ministerio de Transporte y Comunicaciones of the bankability amendment necessary to make the project viable from a financial and regulatory standpoint.
The team in Lima included Juan Carlos de los Heros, partner, and Fernando Sam, senior associate; while in Chicago and New York included José Morán and Juan Gonzales, partners, and Uldarico Ossio, senior associate.