Estudio Echecopar, member firm of Baker & McKenzie International, advised Banco de Crédito del Perú, through the structuring services of CREDICORP CAPITAL (the “Arranger”), in providing an unsecured medium term loan for an aggregate principal amount of USD 34,000,000.00 (the "Loan") to Unión Andina de Cementos S.A.A. ("UNACEM") and Skanon Investments Inc (“SKANON”), as co-borrowers, companies part of a conglomerate devoted to the production and commercialization of cement and related derivatives in Peru and the USA, among other countries.
The proceeds of the Loan will be ultimately destined to finance capital expenditures of SKANON, including construction of new facilities and acquisition of additional real estate, as well as other general corporate purposes.
Due to COVID-19-related restrictions the structure of the loan and the mechanics for closing and disbursement had to be adjusted, allowing the teams involved to use their creativity to overcome the challenges. The firm, the Lender, the Arranger, and the co-borrowers worked with a collaborative online LegalTech tool, Legatics, to facilitate document exchange, verification of compliance of conditions precedent and the closing procedure across Peru and the USA.