GGI INV SPV, SAPI de CV’s $ 485 million senior secured loan – Global Legal Chronicle

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Paul Hastings represented Mexican company GGI INV SPV, SAPI de CV, as ad hoc borrower in a $ 485 million senior secured loan from a consortium of banks.

The loan was managed by BBVA BANCOMER with around 10 international banks in the syndicate.

The borrower was created as a special purpose vehicle by the management and controlling shareholders of RASSINI, SAB de CV (RASSINI), a Mexican company which is the largest producer of suspension components for light commercial vehicles in the world and the only vertically integrated producer of brake discs in America. The proceeds were mainly used to acquire the majority of the public shares of RASSINI as part of a public tender offer process on the Mexican stock exchange, as well as to repay certain existing debts of the subsidiaries of RASSINI. RASSINI and some of its subsidiaries guaranteed the loan and pledged certain assets to secure the loan, including real estate. This transaction represents a rare example of a management leveraged buyout in Mexico, using a dollar-denominated syndicated loan as financing.

Latin America Practice Partners Mike Fitzgerald (Photo) and Joy Gallup led Paul Hastings’ team, which also included Partner Andrew Short, Legal Counsel Pedro Reyes, Partner Matthew Tippet and Foreign Partner Emilio Minon.

Remunerator of the costs involved: Michael Fitzgerald – Paul Hastings; Joy Gallup – Paul Hastings; Pedro Reyes – Paul Hastings; Andrew Short – Paul Hastings; Matthew Tippett – Paul Hastings;

Law firms: Paul Hastings;

Customer base : GGI INV SPV SAPI de CV;

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