Firm Represents Unigel in Financial Restructuring
12.16.10
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Simpson Thacher recently represented Unigel Participacoes and its affiliates in connection with the financial restructuring of $232 million debt due December 31, 2011 to financial institutions including Itau, Santander, Banco do Brasil and Citibank. The restructuring involved converting foreign exchange contracts into pre-export financings due 2017. The pre-export financings are secured by first-priority liens on industrial facilities and equipment as well as on export receivables.
Unigel is one of the largest chemical groups in Brazil. It produces fertilizer, plastics and packaging and had revenues of $1.2 billion in 2009.
The Simpson Thacher team for the transaction included Jaime Mercado, Gustavo Benchimol, Ana Carolina Nomura, Alberto Silva, Rafael Baleroni, Erik Hepler, Jonathan Cantor and Andrew Purcell.