Press Release
| September 15, 2011
Dewey & LeBoeuf Represents Grupo Lamosa in its $900 Million Refinancing of Acquisition Debt
(September 15, 2011) – Dewey & LeBoeuf represented Grupo Lamosa, S.A.B. de C.V., the largest tile manufacturer in Mexico, in connection with the refinancing of acquisition indebtedness incurred in 2007. Grupo Lamosa is a major supplier to the ceramic tile industries in Mexico and the U.S., as well as a manufacturer of ceramic fixtures and adhesives. While the decline in housing construction has affected Grupo Lamosa’s results, operational efficiencies and the new debt profile are expected to further improve the Company’s capital structure. The refinancing involved what was originally a $900 million senior and subordinated debt facility, including a syndicate of banks led by Scotia Bank and pension funds as subordinated debt holders.
The attorney team included Jackie Rose, Joy Gallup, Michael Fitzgerald, Wendy Prager and Peter Puk, with assistance from Evan Koster on derivatives matters.
Ms. Rose stated that “it was a pleasure to be involved with Lamosa’s talented management team on this complex transaction. It involved operations in the U.S. and Mexico with a variety of secured creditors holding different rights and all was signed and funded on a very tight timetable. Creative use was made of amendment and restatement features to minimize transaction costs.”
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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