Latin Laywer – Peruvian microfinance lender restructures debt

Rebaza, Alcázar & De Las Casas in Lima has helped Peruvian microfinance company Edpyme Acceso Crediticio restructure debt worth US$210 million.

Peru’s Estudio Echecopar member firm of Baker McKenzie International is understood to have advised the creditors, a syndicate of 19 financial institutions including multilateral bank IFC, Colombia’s Banco de Occidente and Deutsche Bank subsidiary DWS but Latin Lawyer was not able to confirm this information.

Clifford Chance LLP’s New York office is also understood to have advised Acceso Crediticio, but Latin Lawyer could not confirm this prior to publishing. The transaction closed on 30 October.

With the restructuring agreement, the borrower deferred amortisation payments on existing debt. The total amount of debt restructured in the deal is US$210 million, while the initial loan from the lenders was US$245 million.

The deal will help the Peruvian financial group buy time to address areas of its business that have been negatively impacted by the covid-19 pandemic, while the company also aims to use the remaining available funds to continue developing projects within the organisation.

Founded in 1999, microfinance lender Acceso Crediticio helps borrowers get funding for vehicles used in commercial operations, such as taxi companies. It operates across eight Peruvian regions, including Lima on the Pacific coast and Arequipa and Puno in the south of the country. The company is part-owned by Colombian private equity group Kandeo, which acquired a 50% stake in the business back in 2016.

Counsel to Edpyme Acceso Crediticio

General Counsel – Jorge Bardales

Rebaza, Alcázar & De Las Casas

Partner Rafael Alcázar and associate Ana María Sánchez in Lima

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