Carey advises on USD650 million notes’s offering
June, 2024 - Santiago, Chile
Chile’s Cencosud checks out US$650 million debt tap
Maya Kendall Shah
07 June 2024
Milbank in New York and Morales & Besa in Santiago have helped Chilean retail giant Cencosud make a US$650 million debt offering.
The initial purchasers relied on Davis Polk & Wardwell LLP in New York and Carey in Santiago in the deal, which closed on 28 May.
The notes carry a 5.95% interest rate and are set to mature in 2031.
Cencosud will use the proceeds to repay existing debt, including US$524 million notes due in 2025.
Headquartered in Santiago, Cencosud is a multibrand retailer with operations across Latin America including Argentina, Brazil, Chile, Colombia and Peru, as well as the US. It owns more than 1,000 supermarkets across these countries.
In other recent retail-related transactions in Latin America, Paraguay’s Azeta Group acquired a 50% stake in local convenience store operator Biggie. This came a few days after Brazilian retailer Grupo Casas Bahia reached a restructuring agreement to organise its US$801 million debt pile.
Counsel to Cencosud
Milbank
Partner Marcelo Mottesi and associates Gonzalo Guitart, Agustin Videla, Kendall Langs and Devin Savaskan in New York
Morales & Besa
Partner Guillermo Morales and associates Bárbara Echaiz, Clemente Echenique, Benjamín Reyes and Max Quintana in Santiago
Counsel to BofA Securities, JP Morgan Securities and Santander US Capital Markets
Davis Polk & Wardwell LLP
Partner Maurice Blanco, counsel Katia Brener and Cristopher Baratta, and associates Dmitry Dobrovolskiy and Carter Ballentine Allison in New York
Carey
Partners Diego Peralta, Manuel José Garcés and Fernando Noriega, and associates José Luis Enberg, Francisco Jiménez and Felipe Reyes in Santiago
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