Scotiabank and Banco Estado. Gamma Cementos refinancing

Scotiabank and Banco Estado. Gamma Cementos refinancing.

1.   Deal Description

Guerrero Olivos represented publicly owned bank, Banco Estado and Scotiabank in a USD75 million restructuring and refinancing of a credit agreement with Gamma Cementos S.A., one of the largest local companies in the cement industry.

Complexity to this transaction was that the refinancing was made by two local banks which had to negotiate the amendment of the original terms and conditions and the granting of new warranties.

2.   Counsel list

Guerrero Olivos as counsel to Scotiabank and Banco Estado

Partner Miguel Coddou

Associate Diego Rodríguez

In-house:

Scotiabank: Enrique Arechavala

Banco Estado: María Cecilia Jiménez

Counsel to Gamma Cementos: Larraín y Asociados

Partner Patricio Montes

Associates Diego Garay and Michelle Inzunza

Date of closing

Pledge agreements were registered on 25/11/2019

3.   Deal Value

USD75 million

4.   Jurisdictions involved

Chile