Paul Hastings Represents Tenedora Nemak, S.A. De C.V. In $500 Million Inaugural High Yield Notes Offering

February 28, 2013

New York, NY – Paul Hastings LLP, a leading global law firm, represented Tenedora Nemak, S.A. de C.V., one of the world’s largest manufacturers of powertrain components for the automotive industry, in connection with its inaugural international issuance of high yield debt securities. The offering involved the issuance of $500 million of 5.500% Senior Notes due 2023 pursuant to Rule 144A and Regulation S. Based on credit rating and terms, we understand from the investment bankers that this is one of the most favorably priced debt securities offerings to date in Latin America.

This transaction is emblematic of the recent worldwide shift in manufacturing from China and other remote locales to a “near shore” manufacturing model, which has led to a reversal of fortune for U.S. automobile manufacturers and the Mexican companies that are their principal parts suppliers. The underwriters involved in the transaction were Citigroup, Credit Suisse and Morgan Stanley. Paul Hastings also represented Alpek, S.A.B. de C.V., which belongs to Tenedora Nemak S.A. de C.V.’s corporate group, in its inaugural notes offering in November 2012.

Latin America practice partners Mike Fitzgerald, Joy Gallup and Arturo Carrillo led the Paul Hastings team, which also included of counsel Pedro Reyes, associates Iris Figueroa and Bruno Espindola and foreign associate Pablo Garza.

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