Marval advises on Exal Packaging sale to Grupo Queruclor
Argentinian law firm Marval, O’Farrell & Mairal has advised US-based aluminium container and aerosol manufacturing company Grupo Exal on the sale ot its shares and those of Element Netherlands Holdings Coöperatief in Exal Packaging to Argentinian personal and home hygiene aerosol product manufacturer Grupo Queruclor.
Element Holdings II, Element US Holding Company, Exal Brasil, Element Netherlands Holding Coöperatief, Exal Holdings International and Exal Corporation acted as co-borrowers and guarantors, while the lenders were Citibank, Citizens Bank, Keybanc National Association, Export Development Canada, Sumitomo Mitsui Banking Corporation, and Stifel Bank & Trust.
Bank of Montreal acted as administrative agent; and TMF Trust Company as Argentininian collateral agent.
As a result of the deal, Exal Packaging was released from its obligations and liens under the global credit facility.
Exal operates an aluminum container manufacturing facility in Pilar, Argentina.
Marval’s team advising Grupo Exal was led by partners Pablo García Morillo (pictured) and Fernando Hernández, with associates María Virginia Canzonieri, Agustina Marinelli and María Soledad Baratta.
