DEAL OF THE YEAR: Syndicated Loan

DEAL OF THE YEAR: Syndicated Loan

Corporate & Sovereign Strategy

Steelmaker Ternium’s purchase of $2.7 billion of shares in Brazil’s Usinas Siderúrgicas de Minas Gerais (Usiminas) was nothing if not challenging: it called for funding to be put together in a volatile climate for a borrower in Luxembourg, a parent in Argentina and a target in Brazil. Ternium Investments and its affiliates agreed in November to pay $2.2 billion for 27.7% of Usiminas’ ordinary shares, with the Ternium unit putting in $1.5 billion in cash. The price was a hefty premium to enter Brazil. The loan was executed through Ternium Investments’ subsidiary Ternium Investment Sàrl. The $700 million five-year amortizing senior unsecured loan had to be put together the day before Chris

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