The firm Perez Alati, Grondona, Benites & Arntsen advised Hospitality Infrastructure LLC and Latin Advisors Ltd (together, the “Lenders”) in a refinancing agreement with Ponte Armelina S.A. (“PASA”), as Borrower, and TGLT Uruguay S.A., as Guarantor (both companies duly organized and existing under the laws of Uruguay and subsidiaries of the construction and real estate development company TGLT S.A.), to unify and consolidate in a single facility all the loans granted by the Lenders to PASA for a total amount and accrued interest due at the time of the agreement of US$ 3.054.927 and to grant additional collateral in favor of the Lenders (the “Refinancing Agreement”).
The Refinancing Agreement will be secured by, among other security enhancement, by the following collateral (a) a pledge agreement over the 100% of the shares of PASA; (b) an assignment agreement in favor of the Lenders of the right to collect refund of the security deposit made by PASA in favor of Banque Heritage (Uruguay); (c) security assignment agreements to be entered into between TGLT S.A. (“TGLT”), as assignor, and the Lenders in order to assign by way of security: (i) the rights that TGLT owns over certain units and certain purchase agreements in various real estate projects; (ii) TGLT S.A.’s rights to collect certain dividends from Logística Ambiental Mediterránea S.A. and Limp Ar Rosario S.A.; (iii) the rights to collect certain amounts and profits arising from the joint venture agreement executed by and between TGLT S.A. and Crik S.R.L.; and (iv) certain payments to be collected by TGLT under the construction agreement entered into by TGLT and the Comisión Nacional de Energía Atómica; and (d) a pledge over certain TGLT’s bank account.
The Firm Perez Alati, Grondona, Benites & Arntsen advised Hospitality Infrastructure LLC and Latin Advisors Ltd with a team lead by its partner Diego Serrano Redonnet and composed of its associates Nicolás Aberastury, Alejo Muñoz de Toro, Nahuel Pérez de Villarreal and Jerónimo Juan Argonz. Regarding Uruguayan legal matters, the Lenders were advised by the firm Posadas & Posadas by its partner Victoria Garabato and its associates José María Tais, Maria Clara Arocena and Florencia Larraburu.
TGLT S.A., PASA and TGLT Uruguay S.A. were advised by its Chief Legal Officer Daniel Antúnez. Regarding Uruguayan legal matters, they were advised by Guyer & Regules by its partner Beatriz María Spiess and its associates Rodrigo Varela Ros y Sofía Anza Guerra.
