Two companies held by Expertia Travel refinance $12.5 million in debt

Cóndor Travel and Nuevo Mundo, two leading companies in Peru's tourism sector, refinanced $12.5 million in debt. The companies are part of the Expertia Travel holding company, which itself is controlled by The Carlyle Group, a leading global private equity, alternative asset management, and financial services group. 

The transaction involved a complex negotiation that required the cooperation of all parties. Hernández & Cía. Abogados advised Banco Santander Perú, Scotiabank Perú, Banco de Crédito del Perú, and Banco BBVA Perú on the refinancing. 

"One of the main challenges was to act on behalf of four top-tier banks, on a tight deadline, and reach agreements with borrowers that were reasonable in the midst of the crisis in the economic sector created by COVID-19," stated Hernández & Cía. 

Diego Carrión and Jose Goyburu, partners of Hernández & Cía, and associates Andrea Limón and Mauricio Zegarra acted as counsel to the lenders. Payet Rey Cauvi & Pérez advised the borrowers. Partner Susan Castillo and senior associate Rocío Gordillo were the lawyers involved. 

Other advisors involved in the negotiation include Ninfa Calderón, head of legal & compliance of Santander; Derek Ricketts, senior legal advisor of Scotiabank Perú; Alfredo Mercado, senior associate manager of consulting of BCP, and Roberto Novoa Arias, lawyer at BBVA.