Holland & Knight Represents Banco Santander in $100 Million Syndicated Refinancing of Cydsa Group
MEXICO CITY (May 4, 2020) – Holland & Knight represented Banco Santander México, S.A., Institución de Banca Múltiple (Santander) in the issuance of a revolving line of credit in the amount of MXN$2.4 billion (approximately USD$100 million) for Cydsa, S.A.B. de C.V., a public company focused on the production of chemical and specialty products, electricity and steam generation and processing and underground storage of hydrocarbons based in Nuevo León, Mexico. The deal closed on April 28.
The revolving loan was structured as a syndicate club deal. Santander acted as arranger, administrative agent and lender. The following financial institutions joined the lenders’ syndicate: Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte, Scotiabank Inverlat, S.A., Grupo Financiero Scotiabank Inverlat and Sabcapital, S.A. de C.V., SOFOM, ER.
The proceeds of the loan will be used to inject liquidity into Cydsa’s operations and repay existing mid-term debt obligations.
Holland & Knight Mexico-based Partner Alejandro Landa Thierry, Associate Aldo González Melo and Paralegal Luis González Rico handled the transaction, representing Santander and the syndicate team.