HSBC Leads Global Banks in Extending $245 Million Senior Secured Loan to Grupo Industrial Saltillo
September 01, 2022
New York - Paul Hastings LLP, a leading global law firm, announced that it represented HSBC Securities (USA), Inc., as lead arranger and bookrunner, and HSBC, BBVA, Citigroup, Comerica and Scotiabank, as lenders, in an amended and restated $245 million senior secured credit facility extended to Grupo Industrial Saltillo, S.A.B. de C.V., with HSBC Bank USA, National Association, as administrative agent and collateral agent. The loan involved collateral governed under Spanish law.
Grupo Industrial Saltillo is a leading Mexican conglomerate founded in 1928, with operations in Mexico, Spain, the Czech Republic, Poland, Italy, and China, as well as a marketing and distribution presence in the USA, that manufactures and markets products for the industries of auto parts (grey and ductile iron and aluminum castings and machining for brake, engine, transmission and suspension systems), construction (ceramic and porcelain flooring and plastic and iron pipe fittings) and housewares (a wide range of kitchenware, tableware and countertop kitchen appliances).
The amended and restated senior secured term loan and revolving credit facility implemented the transition to SOFR for both the revolving loans and the term loans, in adding to extending the tenor of the facility.
Latin America partners Michael Fitzgerald and Joy Gallup and associate Rigo Chavez led the Paul Hastings team.