Morales & Besa advises on the bond issuances for Cencosud and CFR International SpA

December 20, 2012

On 6 December, Cencosud completed the placement of a 10-year term at a rate of 4.875% and US$1,200 million representing the largest amount raised by a Chilean company in a single location. This placement, which was advised by Morales & Besa, showed great interest from investors with a subscription of 8.2 times greater, with more than 400 orders from Latin America, Europe, Asia and the US. Resources be used to finance part of the bridge loan taken for the purchase of the assets of Carrefour in Colombia and short-term loans.

Counsel for Cencosud SA and Cencosud Retail SA on the international side were Milbank Tweed Hadley & McCloy LLP (partner Marcelo Mottesi, lawyer and partner Richard Frank Vivero Mo).

The team in Chile was led by partner Guillermo Morales and José Miguel Carvajal, and associates Andrea Diaz, Lorena Barrientos and Patricia Montt.

In parallel, on December 6, the pharmaceutical company CFR International SpA, carried out the placement of bonds for US$300 million at an interest rate of 5.125% in 2022, in order to finance the purchase of a laboratory Colombia. In this operation, which was over-subscribed by more than 12 times, Morales & Besa acted as legal advisor to the Deutsche and JP Morgan banks. The team was led by partner Pedro Garcia and Myriam Barahona.

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