DLA Piper advises lenders on negotiation and execution of debt restructuring common terms agreement with Edpyme Acceso Crediticio

DLA Piper advised a group of approximately 20 lenders, composed of multilaterals, export credit agencies (ECAs), commercial banks and other institutional lenders, on the negotiation and execution of a debt restructuring common terms agreement with Edpyme Acceso Crediticio, governed by New York law.

The purpose of the agreement is to implement a financial restructuring of the obligations under the various loan agreements entered into with each of the lenders, allowing Edpyme Acceso Crediticio to address the impact of the COVID-19 pandemic on its activities and continue with its business.

The transaction closed on December 20, 2021. The amount of the restructured indebtedness was approximately US$200 million, which resulted in an unprecedented deal in the Peruvian microfinance sector and a cross-border landmark transaction in Peru.

Edpyme Acceso Crediticio is a Peruvian financial institution with more than 17 years of experience in the Peruvian microfinance sector and is a leader in the provision of financial services for the purchase of vehicles through a network of branches in eight regions of Peru.

The DLA Piper team advising the lenders included partners Margarita Oliva Sainz de Aja (New York), Craig Martin (Wilmington) and Sergio Barboza (Lima); and associates Daiana Suk, Juan María Rosatto, Maria Emilia Diaz (New York Law Desk, Buenos Aires), and Melissa Padilla (Lima).