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Spain Banking/Finance

20 Jul 2010

Cortes boutique wins €2.8bn refi role

Two-partner Madrid boutique Cortes Abogados has won a high-profile instruction, opposite Uria Menendez, acting for Celsa Group on a €2.8bn debt refinancing package.

 

Celsa, which is one of the largest steel companies in the world, refinanced €1.5bn of its debt through syndicated credit contracts entered into by several head companies of the group, long-term bilateral loans and short-term credit lines of the group. The package also included several hundred bilateral working capital and derivatives contracts, valued at €1.3bn.

 

The deal represents one of the largest refinancing deals in Iberia so far this year. It brought in a syndicate of around 70 national and international banks and savings banks, with BBVA acting as the agent and with the likes of Santander, Banesto, Sabadell, Barclays and La Caixa joining the syndicate.

 

Cortes, which is led by name partner Matias Cortes Dominguez, worked for Celsa on the transaction. It is the boutique’s second headline mandate so far this year. In March, Cortes worked for Grupo Prisa on its $900m tie-up with Liberty Acquisition Holdings.

 

On the Celsa deal, Uria Menendez worked for the banks. Jaime de San Román, who joined the Spanish firm last year from Clifford Chance, led the finance team.