HSBC Leads Global Banks in Senior Secured Loan to Grupo Industrial Saltillo
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, Scotiabank, Citigroup, BBVA and Comerica, as lenders, in a 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 $245 million senior secured term loan and revolving credit facility is being used to refinance the company’s existing debt and for general corporate purposes.
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