Cuatrecasas advises Siigo and Sicont Mex in Chile, Colombia and Mexico on transaction facilitating pre-payment of existing debt
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SubscribeCuatrecasas advised Siigo S.A.S. and Sicont Mex, S.A. de C.V., as debtors, and their subsidiaries, as guarantors, on a credit refinancing under New York law with Banco BTG Pactual Colombia, BBVA, BBVA México, Banco de Occidente and Itaú Colombia. The transaction, secured with assets in Colombia, Mexico and Chile, was used to prepay existing debt with Goldman Sachs and for other corporate purposes.
Part of a corporate financing and debt restructuring plan, the transaction enabled Siigo to replace pre-existing liabilities with a new structure with financial institutions active in the region. Thanks to transaction, Siigo strengthens a financing base aligned with how it operates its business in Latin America, in a context where technology companies seek more efficient and coordinated schemes for managing crossborder obligations.
Legal coordination in three jurisdictions
The transaction required simultaneous legal counsel in Chile, Colombia and Mexico, both due to the combination of debtors and guarantors and to the guarantee package on assets located in several jurisdictions.
Michel Diban, partner at Cuatrecasas in Santiago leading the transaction, highlighted the importance of this transaction for the company and the coordinated work required in the region. “It has been a privilege to work in three jurisdictions with such a sophisticated team,” he said referring to a transaction in which banks particularly active in Latin America also participated and which facilitated the design of a financing solution aligned with Siigo’s operational needs.
Multidisciplinary team and integrated approach
Participating in the transaction were lawyers from the commercial, finance and tax practices of the Cuatrecasas offices in Santiago, Bogotá and Mexico City. From the commercial law team, in Santiago, Michel Dibán participated along with Federico Espinosa, Eugenio Avendaño, Victoria Herrera and Yuyang Zhou; in Bogotá, Juan Carlos Puentes, Steffany Serebrenik, Daniel Valderrama, Lorenzo Lizarralde and Verónica Hernández; and in Mexico City, Gustavo Robles and Ricardo Medina. From the finance and tax law teams, in Chile, Rodrigo Stein participated; in Bogotá, Jaime Vargas; and in Mexico City, Juan David Mina and Jorge Antonio Jiménez.
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