Rebaza, Alcázar & De Las Casas in Lima and Clifford Chance in New York advised Edpyme Acceso Crediticio on the structuring and negotiation of a debt restructuring agreement, governed by New York law, with 19 international lenders, including banks and multilaterals. The transaction closed on October 30, 2020.
The amount of the transaction, corresponding to the restructured indebtedness with such lenders, was US$210 million. The initial cumulative debt that Edpyme Acceso Crediticio acquired from the lenders is up to US$245 million.
The purpose of the agreement is, among others, to defer capital amortization under the loan agreements entered into with each of the lenders for a certain period of time, allowing Edpyme Acceso Crediticio to address the impact of COVID-19 on its activities and continuing with its development.
Rafael Alcázar, Partner at Rebaza, commented that "among the biggest challenges of the transaction were reaching an agreement with such a numerous and diverse group of lenders regarding the terms of the debt restructuring agreement, complying with the requirements set forth by each one of them based on own its nature and needs; and the multiple regulatory aspects applicable to companies of the Peruvian financial system (such as Acceso Crediticio)".
Edpyme Acceso Crediticio is an institution of the Peruvian financial system with over 17 years of experience in the Peruvian microfinance sector- The company is a leader in the provision of financial services and loans for the purchase of vehicles through a network of branches in eight regions of Peru (Arequipa, Ica, La Libertad, Lima, Loreto, Piura, Puno and San Martin).
Counsels to Edpyme Acceso Crediticio S.A.:
· General Counsel: Jorge Bardales.
·Rebaza, Alcázar & De Las Casas (Lima): Partner Rafael Alcázar and Senior Associate Ana María Sánchez.
· Clifford Chance (Nueva York): Partner Daniel Winick and Associate Isidora Koutsoulias.