Energy Fitness Clubs. Financial restructuring with 7 local banks

Energy Fitness Clubs. Financial restructuring with 7 local banks

1.      Deal Description

Guerrero Olivos represented fitness and health clubs group Energy Fitness Clubs, in a USD11.5 million approximately, financial and leasing agreements restructuring with 7 local banks, including Scotiabank Chile, Banco de Chile, Banco de Crédito e Inversiones, Banco Consorcio, Banco Security, Itaú Corpbanca and Banco Santander-Chile.

Complexity to this transaction was that our team had to negotiate the refinancing with each bank due that they did not appoint an agent bank, which is customary in this type of transactions. In addition, each bank implemented their own structure to document the restructuring.

2.      Counsel list

Counsel to Energy Fitness Clubs: Guerrero Olivos

Partner: Miguel Coddou (corporate and financing)

Associates: Matías Ríos, Sofía Middleton, and Daniela Ahumada (all from the corporate and financing áreas)

In-house counsels of each bank and:

Olivos Urbano y Cía. Abogados as counsel to Banco Santander-Chile

Silva Bahamondes Abogados as counsel to Itaú Corpbanca

3.      Date of closing

27/04/2021

4.      Deal Value

USD11.5 million approximately

5.      Jurisdictions involved

Chile