Savar Agentes de Aduana, a company in the logistics and customs sector with a 40 year history in the Peruvian market, has completed the placement of the second tranche of its first-ever private bond offering on September 22nd, thus completing the total issuance of $20m.
The amount of the first tranche was $13m and its placement occurred in March of this year. The proceeds will be used to pay prior debts and for other corporate purposes.
Since the offer was directed exclusively to insurance companies, the legal requirements of the applicable investment regulations had to be considered in the structuring of the issuance for said institutional investors. La Positiva Seguros acquired the entirety of the issuance and was advised by its inhouse legal team and Lazo & De Romaña Abogados.
The issue is backed by a guarantee administration and payment trust on credit rights, flows and real estate of the issuer and of related persons to Savar group, as well as by collateral granted by the company's shareholders. FiduPerú S.A. Sociedad Fiduciaria acted as trustee of the aforementioned financial vehicle, being advised by its inhouse lawyers.
"Certain precedent conditions for the placement of the second tranche of the issuance were tied to the registry of the collateral package. Thus, the notarial procedures and interaction with the Public Registries were essential in this transaction," said Álvaro Castro Lora, Director of Sumara Hub Legal,
Peru’s Sumara Hub Legal acted as legal advisor to the issuer with a team led by director Álvaro Castro Lora and legal analyst Teresa Alayza. Acres Sociedad Agente de Bolsa was the structuring and placement agent of the issuance, advised by its inhouse lawyers as well as by Lazo & De Romaña Abogados through its partner Fátima de Romaña and assisted by associate Francisco Montoya.