Deal · Chile
Bofill Mir Leads Smart Fit Chile on $120 Million Syndicated Financing to Fuel Expansion
The transaction required a growth-aligned covenant package that balances operational flexibility with creditor protection, setting a benchmark for corporate financings in the fitness sector.
Bofill Mir Abogados successfully advised its client, Latamfit Chile SpA, the operator of the Smart Fit fitness brand in Chile, as the borrower’s lead counsel in the negotiation and closing of a $120,000,000 syndicated credit facility.
The financing, which closed on September 30, 2025, is pivotal for Smart Fit Chile, as it will refinance existing debt and finance the rollout of new gyms, reinforcing the company’s position as the largest fitness operator in Latin America and Chile with over 100 sites nationwide.
Transaction Structure and Participants
The total facility value is USD$120,000,000. The structure features a multi-tranche architecture:
- Original Tranche: USD$90,000,000, disbursed at closing.
- Incremental Tranche: Up to USD$30,000,000, available for up to twelve months from closing.
The transaction involved a consortium of lenders, with Banco Santander acting as the administrative agent. The lenders included BTG Pactual Chile, Banco Santander, Banco BICE, and Scotiabank.
Cross-Border Complexity
The syndicated loan is notable for its innovative cross-collateralized security and multi-jurisdictional structure, involving Chile, the United States of America, and Brazil. The credit support package includes:
- A Brazilian-law fiança (suretyship) and joint and several co-obligations granted by Smart Fit Brasil S.A.
- A separate
