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Six local banks came together to provide a loan to SalfaCorp, according to an official statement from the company on Tuesday, completing a debt restructuring that marks a milestone in the depressed local credit environment.
The engineering and construction group will raise UF 965,500, today equivalent to about $36 billion, with the commitment to return the capital in the next five years.
It is a syndicated loan, a term that refers to the participation of several agents. Those involved were Bci, Banco de Chile, Banco Consorcio, BancoEstado, Banco Internacional and Scotiabank. Bci Finanzas Corporativas served as structuring agent, while the Garrigues firm served as legal advisor for the agreement.
This loan is in addition to the bond placement for UF 550 thousand (about $20 billion) carried out on May 28 in the local market, with a maturity of eight years and a five-year grace period.
“These financings come to refinance the structured debt maturity of 2024 and provide funds for the investments and working capital required to execute the backlog of the company in the different lines of business”published the CFO of the developer, José Luis Sánchez.
Thanks to its engineering works in mining projects, SalfaCorp has managed to take a deeper look at the financial concerns that burden the construction sector in general. The stock is trading at its highest levels since late 2019, with Ebitda margins around 10% over the past few quarters.
The general manager of SalfaCorp, Jorge Meruane, stated in this regard that “we areWe are happy to be the first BBB issuer to place bonds on the local market, after more than three years, and having a bank that has been with us at all times.”
