Morales & Besa successfully advised Banco Security on refinancing of loans to Tralka SpA

Morales & Besa successfully advised Banco Security in a transaction that consisted on a refinancing of the loans granted by the bank to Tralka SpA to finance the acquisition costs of 18 project companies, owners of PGMD solar power plants, and an additional financing granted by BTG Pactual Deuda Privada Fondo de Inversión, to refinance debts, fund project accounts and finance the structuring costs.

This refinancing required to consider a complex corporate structure, in which the  loans are granted to the holding company, which is the exclusive owner of all  project companies, that owns 18 projects, setting representations and warranties, covenants and events of default at the level of the borrower and each project company. The above mentioned was considered in the redesign of the structure of refinancing.

Additionally, the security package, which includes assets of the borrower and the project companies, was amended to recognize and regulate the addition of a new lender to the financing structure, granting the figure of a collateral agent.

The Morales & Besa team that led this transaction was led by partners Carlos Silva and Myriam Barahona, along with senior associate Javier Balbontín and associates Isabel Cabeza, Patricio Novoa and José Manuel Llamazales.