Chile’s Caja Los Andes secures $145m loan

Posté le 5 déc. 2023

Caja Los Andes, a Chilean private non-profit social security institution, has secured a loan facility from a syndicate of banks for up to $145 million.

The loan will be used to finance or refinance lending operations associated with Caja Los Andes' social loan regime.

Banco Santander (Chile) acted as administrative agent for the loan.

The social loan regime is governed by Chilean law and consists of loans granted by certain social security institutions, such as savings banks, to their members, with the purpose of financing personal, family or social needs, such as expenses incurred by education, healthcare, housing, consumption or entrepreneurship.

Caja Los Andes was counseled on the loan by Chilean law firm Carey, with a team led by partners Fernando Noriega and Manuel José Garcés, with associates José Luis Enberg and Francisco Jiménez.

Linklaters also acted as counsel to Caja Los Andes, with a team led by partner Conrado Tenaglia, and law firms Cuatrecasas, with a team led by partner Macarena Ravinet, and Milbank, with a team led by partner Alexander Borisoff, acted as counsel to the lenders