Clifford Chance advises on US$480 million multi-jurisdictional senior unsecured financing for Alicorp

Global law firm Clifford Chance advised Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Citibank, N.A., JPMorgan Chase Bank, N.A. and Banco Santander, S.A., as joint lead arrangers and joint bookrunners, and the syndicate of lenders, in connection with senior unsecured facilities in the aggregate amount of up to US$480 million made available to all members of the Alicorp group. This includes Alicorp S.A.A. (Peru), Alicorp Colombia S.A.S. (Colombia), Alicorp Holdco España S.L.U. (Spain) and Alicorp Ecuador S.A. (Ecuador).

The Alicorp group, a Peruvian consumer goods company, will use the proceeds for general corporate purposes and liquidity management across its operations. The facilities comprise a five-year US$250 million senior unsecured term loan facility, divided into tranches for Alicorp Colombia (up to US$110 million, available in a combination of Colombian pesos and US dollars), Alicorp Spain (US$35 million) and Alicorp Ecuador (US$90 million), as well as a three-year US$230 million senior unsecured revolving credit facility for Alicorp Peru, with two one-year extension options.

The facilities are guaranteed by Alicorp Peru and governed by New York law. Related promissory notes are governed by the applicable local law in each borrower’s jurisdiction. The transaction required coordination across four jurisdictions and two currencies, reflecting the cross-border structure of the Alicorp group’s financing needs.

The team was led from New York by partner Hugo Triaca, supported by counsel Alberto Haito, associate Joyce Moore and foreign law clerks Casilda Caso and Juan Andrés Bosch.