Clifford Chance

Clifford Chance advises on tender offer and related financing by Peruvian company Pesquera Exalmar

New York: Leading international law firm Clifford Chance advised (i) Santander Investment Securities Inc., as dealer manager in connection with a tender offer directed to holders of the company's 8% senior notes due 2025, and (ii) the lead arrangers and bookrunners Banco Santander, S.A. and Coöperatieve Rabobank U.A.; administrative agent DNB Bank ASA; and Banco del Crédito del Perú, Banco Interamericano de Finanzas – BANBIF and Banco Internacional del Perú, together the Lenders, in connection with a US$148 million debt refinancing by Pesquera Exalmar.

The Lenders provided a Senior Secured Term Loan Facility to Pesquera Exalmar, which the company used to (i) repay in full a syndicated loan financing entered by Pesquera Exalmar in 2019, and (ii) repurchase the notes tendered by holders in the tender offer.

Pesquera Exalmar is a leading company in Peru's fishing sector and is Peru's third largest fishmeal and oil processing company.

The Clifford Chance team comprised members from all three Americas offices and was led by Capital Markets partner Hugo Triaca. The team advising on the tender offer included foreign law clerk Maria Fernanda Gadea Rivera in New York. The team advising on the financing included counsel Alberto Haito in Washington, DC, associate Laura Clara Loaiza in São Paulo and Tax partner Avrohom Gelber in New York.