Pesquera Exalmar’s US$148 Million Debt Refinancing

Miranda & Amado and White & Case advised Pesquera Exalmar S.A.A.. Clifford Chance and Estudio Echecopar (Baker McKenzie) advised the Lenders involved in the transaction.

The Lenders provided a Senior Secured Term Loan Facility to Pesquera Exalmar, which the company used to (i) repay in full a syndicated loan financing entered by Pesquera Exalmar in 2019, and (ii) repurchase the notes tendered by holders in the tender offer.

Santander Investment Securities Inc. acted as dealer manager in connection with a tender offer directed to holders of the company’s 8% senior notes due 2025, and the lead arrangers and bookrunners were Banco Santander, S.A. and Coöperatieve Rabobank U.A.; administrative agent DNB Bank ASA; Banco del Crédito del Perú, Banco Interamericano de Finanzas – BANBIF and Banco Internacional del Perú were also involved.

Pesquera Exalmar is a leading company in Peru’s fishing sector and is Peru’s third largest fishmeal and oil processing company.

In Perù, Miranda & Amado advised Pesquera Exalmar S.A.A. with Juan Luis Avendaño Cisneros,  Álvaro Del Valle Roeder, Luis Miguel Sánchez Bao and Alicia La Cruz.

White & Case advised Pesquera Exalmar S.A.A. in US.

The Clifford Chance team comprised members from all three Americas offices and was led by Capital Markets partner Hugo Triaca (Picture). The team advising on the tender offer included foreign law clerk Maria Fernanda Gadea Rivera, both based in New York. The team advising on the financing included counsel Alberto Haito in Washington, DC, associate Laura Clara Loaiza in São Paulo and Tax partner Avrohom Gelber in New York.

In Perù, Estudio Echecopar (Baker McKenzie) advised the lenders with Alonso Miranda Vargas, Luis Ernesto Marín Villarán and Adrián Tovar Ayllón.

Involved fees earner: Luis Ernesto Marín Villarán – Baker McKenzie; Alonso Miranda Vargas – Baker McKenzie; Adrian Tovar Ayllón – Baker McKenzie; Avrohom Gelber – Clifford Chance; Alberto Haito – Clifford Chance; Laura Loaiza – Clifford Chance; Hugo Triaca – Clifford Chance; Juan Luis Avendaño – Miranda & Amado Abogados; Álvaro del Valle Roeder – Miranda & Amado Abogados; Alicia La Cruz – Miranda & Amado Abogados; Luis Miguel Sánchez Bao – Miranda & Amado Abogados;

Law Firms: Baker McKenzie; Clifford Chance; Miranda & Amado Abogados;

Clients: Banco Interamericano de Finanzas S.A. (BanBif); Banco Internacional del Peru S.A.A.; Banco Santander Sa; Coöperatieve Rabobank; DNB Bank ASA; Pesquera Exalmar S.A.A.; Santander Investment Securities Inc.;

Martina Bellini

Author: Martina Bellini