Bingham joins local trio on Spanish constructor's €200m debt refinancing

The financing includes a syndicated credit agreement and a number of bilateral debt instruments made between Uralita and its subsidiaries and several financial institutions, valued at a total of €200m (£161m). The deal also sees the Dutch subsidiary of Uralita issue guaranteed senior notes worth €152m (€122m) governed by New York law.

Cuatrecasas acted as counsel to both Spain’s Uralita and its parent company Nefinsa. The team was led by Madrid-based finance partner Rafael Mínguez, alongside London finance partner Iñigo Rubio. Madrid-based litigation partner Fedra Valencia also provided additional advice on contentious issues related to the deal.

Uría Menéndez advised a group of eleven national and foreign financial institutions on the refinancing, with a team led by Madrid finance partner Sebastián Sáenz de Santa María and Jorge Martí, managing partner of the firm’s Valencia office.

A joint team from Bingham and Gómez-Acebo & Pombo acted as counsel to the noteholders, advising on US and Spanish law respectively. The Bingham team was led by London finance head Barry Russell, while the Gómez-Acebo team was led by the firm’s resident London finance partner Miguel Lamo de Espinosa.

Background to this deal:

The deal comes just months after Uralita announced annual losses for 2011 of €27.1m, having been bitterly affected by a slump in the Spanish property and construction markets in the wake of the Eurozone debt crisis.

The transaction coincides with Nefinsa completing the refinancing of a €475m (£382m) syndicated loan agreement entered into by Nefinsa and ten Spanish financial institutions. Cuatrecasas also acted for Nefinsa in this deal, while Uría Menéndez advised the financial institutions.

Gómez-Acebo regularly works alongside Bingham on transactions and effectively acts as the US firm’s Spanish counsel.