The FERRERE Uruguay team advised a group of Canadian banks on granting two lines of credit -for a total of approximately USD 663 million – to Cooke Aquaculture, with fishing operations in Uruguay and the region, primarily Argentina and Chile. Cooke is in fact Uruguay’s largest fishing company, with a fleet of 21 vessels.
The deal, which closed on August 13, 2021, includes two financings: one in Canadian dollars for a total of CAD 747 million (approximately USD 597 million), and another in United State dollars, for USD 66 million. The credit line expires in April 2022.
The financial syndicate consists of the following banks: DNB Capital, Farm Credit Canada, Bank of America, CoBank, HSBC Bank Canada, Rabobank Canada, Nordea Bank, Bank of Montreal, Export Development Canada, Canadian Imperial Bank of Commerce, Fédération des caisses Desjardins du Québec, Laurentian Bank of Canada, Islandsbanki, Landsbankinn, Arion Bank, Royal Bank of Canada and The Toronto-Dominion Bank.
Cooke is expected to use the loan for the payment of existing debts, for distribution of dividends, and for working capital and general corporate purposes.
FERRERE’s advice was handled by associates Federico Lemos, Ana Laura Oliveros and Lucía Rosso.