Carey
Isidora Goyenechea 2800, las Condes Piso 42 755-0647 Santiago, Chile
Tel:(+56 2)29282200, Fax:(+56 2)29282200, E-mail: carey@carey.cl
Latin Lawyer

Cencosud emite bonos por US$1 mil millones

26 Febrero, 2015 por Luke Jarmyn

Baker & McKenzie (Chile) in Santiago and Milbank, Tweed, Hadley & McCloy LLP’s New York office have helped Chilean retailer Cencosud issue two series of bonds worth US$1 billion.
HSBC Securities and Scotiabank acted as initial purchasers and turned to Carey in Santiago alongside Shearman & Sterling LLP’s New York, San Francisco and Washington, DC offices. The deal closed on 12 February.

Cencosud will use the proceeds from the double issuance to repay current debt, including an outstanding bridge loan. The first series, due in 2025, has a value of US$650 million with a 5.15 per cent interest rate. The second series, covering the remaining US$350 million, is due in 2045 with a higher 6.652 per cent interest rate.

In June, Cencosud used Baker & McKenzie (Chile) and Philippi, Yrarrázaval, Pulido & Brunner – now called Philippi Prietocarrizosa & Uría (Chile) – for the sale of a 51 per cent stake in its financial services arm Scotiabank, which also provided the retailer with a US$3 billion loan.

 
Counsel to Latin Lawyer

Counsel to Cencosud

In-house counsel – Victoria Salazar

Milbank, Tweed, Hadley & McCloy LLP

Partners Marcelo Mottesi and Andrew Walker, and associates Sam Badawi, Gladisley Sanchez and Elizabeth McNichil in New York

Baker & McKenzie (Chile)

Partners Jaime Munro and Fernando Castro and associate Cristóbal Larraín in Santiago

Counsel to HSBC Securities and Scotiabank

Shearman & Sterling LLP

Partner Stuart Fleischmann and associate Jimena Janeiro Fong in New York, and associates Jesse Cuevas and Antonio Herrera Cuevas in San Francisco, and associates Jeffrey Tate and Michael Daly in Washington, DC

Carey

Partner Diego Peralta and associates Patricia Silberman, Camila Noreña, Mariana Gómez and Paluska Solar in Santiago