Algorta Norte. Syndicated loan

Algorta Norte. Syndicated Loan

Deal description

Guerrero Olivos assisted Banco Bilbao Vizcaya Argentaria, Chile, Banco de Crédito e Inversiones and Banco de Chile (the “Banks”) in the rescheduling process of three independent credits and restructured them in a syndicated loan granted to Algorta Norte S.A., a mining company specialized in the iodine extraction and production, its main mining site is located in Antofagasta in the North of Chile. The rescheduling and restructuring included a mortgage of mining concessions and a non-conveyance pledge over Algorta Norte’s assets. Joint and several guaranty was granted by ACF Minera S.A.

Complexity to this advisory was the restructuring of the individual credits the Banks’ had into a syndicated credit, and the inclusion of new guarantees.

Counsel lists

Counsel to the Banks: Guerrero Olivos. Senior Counsel: Miguel Coddou and associate Matías Ríos

Counsel to Algorta Norte S.A. as debtor and ACF Minera S.A., as guarantor and co-debtor: Jara del Favero. Partner Felipe Ovalle

In-house:

Algorta Norte S.A.: Íñigo de Urruticoechea. Banco Bilbao Vizcaya Argentaria: Xavier Altuzarra. Banco de Crédito e Inversiones: María Alejandra Hernández. Banco de Chile: Javier Álvarez.

Deal date

30/11/2017

Deal value

USD71.2 million approximately

Jurisdictions involved

Chile