Peru’s Cineplanet Completes Bond Restructuring

Peru’s Cineplex, which operates under the Cineplanet brand with operations in Peru and Chile, has successfully completed a restructuring process of its first and second corporate bonds programs.

Peru’s Cineplex, which operates under the Cineplanet brand with operations in Peru and Chile, has successfully completed a restructuring process of its first and second corporate bonds programs.


The first program issued bonds for an amount of S/140 million ($38.6 million), while the second program for S/150 million ($41.4 million). However, the first bond program is planned for up to an amount of $150 million, and the second for up to S/500 million ($138.1 million).

“This transaction represents an important milestone in the restructuring and capital markets, since Cineplanet is one of the first companies to successfully reach agreements with its bondholders of the two programs, as Cineplanet was one of the companies most affected by the Covid-19 crisis, and which has not yet been authorized to restart activities by the Peruvian government,” law firm BBGS Saco-Vertiz & Landerer Abogados, which advised Cineplanet in its role of issuer, stated.

The law firm also acted in the preparation, negotiation and closing of all the documentation and contracts to formalize the granting of the respective waivers, which included negotiations with the bondholders’ representative, which was Banco del Crédito del Perú, and with each of the bondholders of both programs.

Banco Interbank also participated in this process as structuring agent.

“The participation of several actors in this negotiation, and the position of Cineplanet due to this crisis, represented an important challenge to carry out this negotiation and conclude it successfully,” the law firm said.

The closing involved the negotiation of the amendments to each of the bond agreements and its respective complementary agreements, with each of the bondholders and the banks.

Carlos Saco-Vertiz and Gerardo Guzmán, partners of BBGS Peru, who were in charge of the team advising Cineplanet, said: “The negotiation and subsequent agreements reached by Cineplanet with the bondholders’ representative and the bondholders of both programs represents a very important milestone for Cineplanet, since it demonstrates the confidence and total support that the bondholders have shown to the company, approving the majority of these waivers and amendments by majorities greater than 80% of the total outstanding bonds, and which will allows the company to successfully complete its restructuring process with other creditors.” 

The bondholders were advised by in-house lawyers Patricia Brocos and Madeline Castro, while Interbank’s financial advisor was Luis Pretell.

 

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