Idesa Completes Exchange Offer and Refinancing of Notes

June 12, 2020

New York – Paul Hastings, a leading global law firm, announced today that the firm represented the creditors’ committee in connection with the $300 million exchange offer and consent solicitation carried out by Grupo IDESA, S.A. de C.V. (“Idesa”), a Mexican chemical and petrochemical company, that was used to refinance Idesa’s existing senior notes.

Pursuant to the exchange offer, in which 91.6% in principal amount of the existing notes were tendered for exchange, Idesa issued new 9.375% Senior Secured Notes due 2026 in exchange for approximately $274.9 million aggregate principal amount of its outstanding 7.875% Senior Notes due 2020. The new notes contain a number of unusual features, including mandatory and elective PIK interest components and other rights with respect to the company’s assets that are associated with its joint venture partners.

Latin America practice partner Pedro Jimenez led the team, which also included partners Michael Fitzgerald, Joy Gallup and Steven Sandretto and associates Eduardo Gonzalez and International attorney Eduardo Menezes.

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