Muñoz Aya

Managing Director: Edgar Muñoz
Associates: 6
Languages: English and Spanish.

Firm Overview:
With over a decade in the market, the strong finance boutique firm, Muñoz Aya hasdeveloped an impressive client portfolio. The team is very well placed due to its skills, knowledge, and capabilities - to advise clients in a Colombian finance market that has become increasingly willing to use specialized small firms.

Since its beginnings, Muñoz Aya has been committed to building creative and responsible solutions for local and foreign clients. The firm is best known for its deep awareness of the clinets´ underlying businesses and processes and how they have an impact in their investment regimes and decisions.

Muñoz Aya´s clients are financial entities, insurance companies, issuers in the stock market, local and foreign funds, multilateral entities, and Fintech, amongst other participants in the financial sector. Some of these clients are: Avista Colombia, Banco Credifinanciera, Banco Davivienda, Citibank Colombia, Cititrust Colombia, Colfondos S.A. AFP Pensiones y Cesantías., Corredores Davivienda, Credivalores – Crediservicios S.A., Itaú CorpBanca Colombia, Mercado Pago Colombia, Micro, Small & Medium Enterprises Bonds, Seguros Bolívar, Symbiotics UK Limited, Powwi, BTG Pactual S.A. Comisionista de Bolsa, CrediCorp Capital Colombia, Zuluapp Grupo Nutresa, Grupo Argos and Cementos Argos.

Main Areas of Practice:
Banking
Capital Markets
Corporate
Finance
FinTech
M&A
Private Equity
Restructuring

Credivalores – Crediservicios S.A. obtains Financing of $100 Million
Muñoz Aya advised Credivalores-Crediservicios SA (Credivalores) on the provision of a $100 million collateralized credit facility. Latham & Watkins and Gómez-Pinzón represented the lenders, UBS O’Connor and Gramercy, while Clifford Chance also advised Credivalores.

Credivalores is a leading non-bank financial firm in Colombia that provides payroll and consumer loans services primarily intended to serve low and middle income individuals. The $100 million credit facility was raised for a newly created special purpose trust established in Colombia for the purpose of acquiring and holding loans originated by Credivalores’Crediuno credit card business in the country.

The transaction includes loans provided directly to a special purpose trust established to purchase loan assets from Crediuno. In addition, the credit facility includes a novel borrowing structure with features focused on the verification and auditing of the loan origination process as well as Credivalores’ corporate governance.

Muñoz Aya advisedCredivalores with a team comprising of partnersEdgar Muñoz andLina Lineros and associatesGabriel Contreras,Alejandra Restrepo, andDaniela Hoyos.The firm supported Credivalores on drafting, reviewing, and negotiating all Colombian legal documents required for the closing date of the transaction, including but not limited to trusts agreements, collateral agreements, and the Colombian legal opinion related to the deal, among others.

Avista’s Bond Issuance
Muñoz Aya acted as legal counsel to Avista in the process of issuing bonds in the Colombian market. Avista is a leading non-bank financial fintech in the origination of consumer loans and microloans in Colombia.

The firm participated in the process of obtaining the guarantee of the Fondo Nacional de Garantías, a state-owned entity, through a special guarantee program that seeks to facilitate the liquidity needs of the companies affected by the COVID-19 and negotiated other relevant documents of the issuance.

Muñoz Aya's counsel in this transaction was led by partner Edgar Muñoz and associates Alejandra Restrepo, Daniela Hoyos and Ana María Palacios.

Syndicated Loan granted by Banco Davivienda
The financing granted by Banco Davivienda for up to US$ 9,500,000, is part of the refinancing of the corporate revolving credit line under the "club deal" scheme by virtue of which Muñoz Aya supported the bank in the drafting and negotiation of a total amendment to the syndicated credit agreement, between Sucafina Brasil Indústria, Comércio Exportação LTDA as debtor, Sucafina Holding as guarantor, Coöperatieve Rabobank UA as structuring agent and international collateral agent, Cooperative Rabobank UA as paying agent, Citibank N. A., London Branch, ING Bank N.V Amsterdam, Lancy/Geneva Branch, Natixis, Raiffeisen Bank International AG, Société Génerale, Sumitomo Mitsui Banking Corporation London Branch, UBS Switzerland Ag as lenders.

The purpose of the subscription of the amendment is to finance the purchase of coffee by the Debtors in Brazil and Colombia and its subsequent sale to eligible purchasers. The team advising Banco Davivienda was led by partner Lina Lineros and associates Gabriel Contreras, Juan Pablo Contreras, and Daniela Sánchez