Our las firm acted as counsel of CCSF, acting as arranger of a US$ 300 million Secured Corporate Inaugural Bond Programme of Centenario Renta Inmobiliaria (a subsidiary of Inversiones Centenario S.A.A.). The Programme and subsequent issuances will be registered with the Peruvian Securities Agency (Superintendencia del Mercado de Valores), since said issuances are expected to be placed through public offerings targeted solely to institutional buyers.
“This is the largest Bond Programme registered under the regulation for public offers addressed to institutional investors, which represents a new challenge for the issuer as we worked on a way to avoid conflicts with the obligations under each regime. Also, the collateral package includes a trust involving office buildings and also a Master Collateral Agreement (MCA) to enable the coexistence of other lenders.
This transaction inaugurates the application of the flexibility regime approved by the Peruvian Capital Markets Superintendence regarding the temporary exception applicable to the issuance of securities when collateral is pending registration, subject to a procedure and deadline for fulfillment. On the investors side, this new collateral framework regime is novel and facilitates the closing of transactions.”
Centenario Renta Inmobiliaria is one of the most important Peruvian real estate conglomerates which includes sophisticated shareholders (as the Brescia Group, Romero Group and PazCor from Chile).
Andrés Kuan-Veng, Partner of the Capital Markets practice, led the team comprised by Principal Associate Janett Burga and Associate Germán Gómez.
Value of the transaction:
USD 300 million (total amount of Programme).
USD 42 million (total amount first issuance).
Closing day:
February 24, 2022.