Cuatrecasas advises Standard Profil Automotive on debut high-yield bond offering

Cuatrecasas advised Standard Profil Automotive and its subsidiaries in Spain and Mexico on its debut issue, offer and placement of senior secured notes for a maximum of €275 million due 2026.

A crossborder team including lawyers from Cuatrecasas and Mayer Brown advised the leading European manufacturer of automotive sealing systems. Freshfields and Creel were among the legal advisors for the bondholders.

The legal team advising on this transaction for Cuatrecasas was led by lawyers León López, José Higinio Núñez and Alberto de Villa (Mexico City), and Jaime de la Torre, Tania Esteban, Alfonso Peña and Gonzalo Terceño (Madrid).

The complexity of the transaction lay in the large number of jurisdictions affected (Bulgaria, Germany, Luxembourg, Mexico, Spain, Turkey, and the United States) and law firms involved. A pre-existing bank loan and its guarantees in different jurisdictions had to be canceled before the issuance. All of the work had to be done under tight deadlines.