Morales & Besa advised AVLA S.A. in the execution of a voluntary prepayment offer of commercial papers an in the placement of its Series A inaugural Bonds

November 11, 2020

Morales & Besa successfully advised AVLA S.A., as issuer, in the preparation and in the execution of a voluntary prepayment offer of commercial papers (efectos de comercio) currently outstanding (Series F1, J1, D1, D2, G1, G2, G3 and H1) and in the placement of its Series A inaugural Bonds under Indenture No 975.

This transaction required a coordinated work among the company, its legal and financial advisors and the trustees of the bondholders. The transaction required correct and timely advice so that the client could voluntarily prepay its obligations under the commercial papers (efectos de comercio), as well as obtain new resources for refinancing debt and development certain projects from the placement of the Series A Bonds. This transaction is an unprecedented transaction in the Chilean capital market, since a voluntary prepayment of commercial papers (efectos de comercio) has never been made before through a public offering to investors.

The Morales & Besa team that participated in the transaction was led by partner José Miguel Carvajal, along with capital markets senior associate, Andrea Díaz and associates Mariana Schnettler and Matías López. 

 

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