Paul Hastings Represents Grupo Senda Autotransportes, S.A. de C.V. in Innovative Multi Currency Financing

January 31, 2014

New York, NY-- Paul Hastings LLP, a leading global law firm, announced today that it represented Grupo Senda Autotransportes, S.A. de C.V., a Monterrey, Mexico based company and one of the largest providers of transportation services in Mexico in a Mexican peso 2.5 billion senior secured dual facility/dual currency financing.

The financing consisted of a peso denominated Mexican law governed senior secured syndicated facility with a group of Mexican lenders and a US dollar denominated New York law governed senior secured facility with a group of non-Mexican lenders. Given changing conditions in the syndicated loan market, certain lenders preferred a Mexican law governed agreement and others a New York law governed agreement. For a successful syndication, the documentation, while functionally equivalent to a single multi-currency facility took the form of a Spanish language Mexican law governed contrato de credito and a New York law governed credit agreement. The two facilities will share in the same collateral and an intercreditor agreement was entered into effectively linking the two facilities and defining the lenders’ rights to the collateral.

BBVA Bancomer acted as administrative agent on the US facility. Banorte and BBVA Bancomer acted as structuring agent and administrative agent for the Mexican bank syndicate on the Mexican facility. BBVA Bancomer acted as intercreditor agent.

“The transaction reflects the strength of the Mexican bank loan market and the interconnectedness of that market with the international markets. We expect to see more complex structures and solutions of this type in the future”, observed Taisa Markus of Paul Hastings.

Latin America partners Taisa Markus and Mike Fitzgerald led the Paul Hastings team which also included international associates Miguel de la Fuente and Federico Vergara. Partner Andrew Short and associates David Makso and Grace Sur provided tax support.

Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions, Fortune 500 companies, and other leading global companies. Please visit www.paulhastings.com for more information.