SYNDICATED LOAN - Turning Around

Jan 19, 2012

Nemak

MMexican auto parts maker Nemak’s $1.145 billion dual-currency loan stood out in many ways, but most importantly it marked a successful conclusion to its turnaround story. The loan was part of a refinancing of restructured debt that allowed it to free up collateral, lower funding costs and loosen covenants so it could prepare for growth in the car sector. The $1 billion deal was initially launched when there was still liquidity in the syndicated loan market, says Alvaro Fernández, president of...

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