1.       Deal Description

Guerrero Olivos represented AD Retail, a local company in the retail industry that participates in the market through the clothing, electronic supplies and home store business line. It owns well-known local brands in Chile such as Abcdin and Dijon.

Our capital markets and finance group represented AD Retail and other related companies, in the incorporation of the private investment fund namely COFISA V, for the acquisition of COFISA’s account receivables portfolio.

Parties involved in the transaction: AD Retail S.A. and its affiliate Créditos, Organización y Finanzas S.A. (COFISA); BTG Pactual’s investment fund BTG Pactual Crédito y Facturas Fondo de Inversión and fund manager Administradora de Fondos de Inversión Amicorp S.A.

This is the first time Guerrero Olivos represents AD Retail in this structure. In past transactions of this kind we assisted the financing entities.

On the other hand, BTG Pactual Crédito y Facturas Fondo de Inversión was represented by Barros y Errázuriz. The fund invested in a stake of preferred series to offer a more diversified portfolio to its unit holders, consolidating the BTG fund as the largest local private debt fund.

As a market trend, it is relevant to note that this is not the first time that a retail company sells its account receivables’ portfolio. Even though it has a high level of risk from the investment angle, it is still a growing trend in the investment fund industry.

2.       Counsel list

Counsel to AD Retail: Guerrero Olivos

Leading Senior Counsel Miguel Coddou (banking & finance and capital markets) [email protected]

AD Retail’s in-house counsel: Andrés Cood

Counsel to BTG Pactual: Barros & Errazuriz

Partner Víctor Barros

Senior associate Juan Cristóbal Schmidt

Associate Felipe Álvarez

3.       Date of closing

28/06/2019

4.       Deal Value

CLP $60.000.000.000 (initial amount of CLP $30.000.000.000.-)

5.       Jurisdictions involved

Chile