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News Jul 09, 2014

Shearman & Sterling Represents InRetail Shopping Malls in Notes Offering and Concurrent Debt Tender Offer and Consent Solicitation

Shearman & Sterling represented InRetail Shopping Malls, a Peruvian trust, along with its parent and subsidiaries, in connection with (1) its issuance of US$350 million aggregate principal amount of 6.500% Senior Notes due 2021 and (2) its concurrent tender offer and consent solicitation for any and all of the US$185 million in aggregate principal amount outstanding of 8.75% Senior Secured Notes due 2023 of Interproperties Finance Trust, a Cayman trust.

InRetail Shopping Malls, together with its parent and consolidated subsidiaries, is the largest company in the shopping mall sector in Peru. It is the largest owner, developer and operator of shopping malls based on both gross leasable area (“GLA”) and the number of shopping malls. Under its Real Plaza brand, it operates 16 shopping malls with 495,533 m2 of GLA that it owns or leases on a long-term basis and three additional shopping malls with 58,000 m2 of GLA that are owned by related parties. A substantial portion of the proceeds from the notes offering were used to purchase the US$179,675,000 in aggregate principal amount of tendered Interproperties Finance Trust notes, and the balance of the proceeds will be used to purchase real estate, to expand existing shopping malls, to develop additional shopping malls and for general corporate purposes.

The Shearman & Sterling team advising InRetail Shopping Malls included partners Antonia Stolper (New York-Capital Markets) and Denise Grant (New York-Project Development & Finance) and associates Jesse Cuevas (San Francisco-Capital Markets), Jeffrey Tate (Washington, DC-Tax), Antonio Herrera (San Francisco-Capital Markets), Mary Jo Lang (Washington, DC-Tax) and Andre Teixeira (New York-Project Development & Finance).