Minera Los Pelambres’s $1.3 Billion Loan

Sullivan & Cromwell, Jara Del Favero Abogados & Ried Fabres, Milbank and Philippi Prietocarrizosa Ferrero DU & Uría advised on the transaction

Antofagasta Minerals secured $1.3 billion financing, to develop the Complementary Infrastructure Project (INCO) of Minera Los Pelambres, which has already begun construction.

The loan was granted to Minera Los Pelambres in two installments. Japan Bank for International Cooperation (JBIC) granted US $ 425 million , to 10 years. In addition, a set of international banks contributed the other US $ 875 million, to 7 years. These banks are Mizuho Bank, Export Development Canada, Scotiabank, Sumitomo Mitsui Banking Corporation (SMBC) and Bank of China.

Sullivan & Cromwell advised Minera Los Pelambres with Sergio J. Galvis, Benjamin S.D. Kent and Jason W. Schnier.

Jara Del Favero Abogados & Ried Fabres advised Antofagasta Minerals S.A. with Felipe Ovalle and Gabriel Del Favero.

Milbank advised Bank of China Limited, Export Development Canada, Mizuho Bank Ltd. (USA), The Bank of Nova Scotia (Scotiabank), Sumitomo Mitsui Banking Corporation and Japan Bank for International Cooperation with Alexander Borisoff, Timothy Fitzpatrick and Steven Saracco.

Philippi Prietocarrizosa Ferrero DU & Uría advised Japan Bank for International Cooperation with Marcelo Armas and Marcela Silva.

Involved fees earner: Gabriel Del Favero – Jara Del Favero Abogados & Ried Fabres; Felipe Ovalle Pacheco – Jara Del Favero Abogados & Ried Fabres; Alexander Borisoff – Milbank; Timothy Fitzpatrick – Milbank; Steven Saracco – Milbank; Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Marcela Silva Gonzalez – Philippi Prietocarrizosa Ferrero DU & Uría; Sergio Galvis – Sullivan & Cromwell; Benjamin Kent – Sullivan & Cromwell; Jason Schnier – Sullivan & Cromwell;

Law Firms: Jara Del Favero Abogados & Ried Fabres; Milbank; Philippi Prietocarrizosa Ferrero DU & Uría; Sullivan & Cromwell;

Clients: Antofagasta Minerals S.A.; Bank of China; Export Development Canada; Japan Bank for International Cooperation; Minera Los Pelambres SA; Mizuho Bank; Scotiabank; Sumitomo Mitsui Banking Corporation;

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Author: Ambrogio Visconti