Morales & Besa and Milbank advised Cencosud on obtaining credit granted by Export Development Canada

May 23, 2018

Morales & Besa and Milbank advised in record time Cencosud S.A. on a term loan facility granted by Export Development Canada for an amount of USD 100,000,000 which were used to refinance existing indebtedness of the company. It should be noted that Cencosud is one of the largest and most prestigious retail conglomerates in Latin America with operations in Argentina, Brazil, Chile, Peru and Colombia.

The transaction was carried out aiming at a closing concurrent with a capital markets refinancing transaction by Cencosud S.A. in Perú, so it was necessary to have all negotiations, documents and closing deliverables completed in an unusually tight schedule. In addition to the exacting timing for the execution of this cross-border transaction, the negotiation included the review of the existing financial covenants of Cencosud S.A., and other positive and negative covenants for this new operation.

Morales & Besa team involved in this transaction was formed by partner Guillermo Morales, with the participation of associates Paulo Quinteros and María José Rojas.