TMF Chile acts as collateral agent in bond issue to fund WOM’s DIP financing

Cuatrecasas has advised TMF Chile Asesorías Empresariales on a bond issue by WOM Mobile SpA to fund debtor-in-possession (DIP) financing—under Rule 144A, Regulation S, of the United States Securities Act—and whose obligations were secured by companies related to the issuer and with assets located in Chile.

It is the second time that TMF has acted as the collateral agent in a financing transaction for WOM and its related companies. This new bond issue is particularly important as it restructures the company’s liabilities, enabling WOM to exit its Chapter 11 protection, where it had been under the Delaware Bankruptcy Court since April 2024.

The Cuatrecasas team handling the transaction was led by Macarena Ravinet, together with lawyers Federico Espinosa, Victoria Herrera and Pedro Browne.

With regard to the legal advice, Macarena Ravinet highlighted, "We are pleased to have assisted both our client TMF and the Bonitas and WOM with such an important transaction for the company and the market. It is gratifying to see that the work of several legal, commercial and technical teams has enabled such a major player as WOM to exit Chapter 11 and usher in a new stage.”