NHG counsels BNP on $100m loan to Sigma Alimentos

Nader, Hayaux & Goebel has advised BNP Paribas on a credit agreement in favour of Sigma Alimentos for USD 100,000,000

 Nader, Hayaux & Goebel has counselled BNP Paribas, S.A., as borrower, in connection with the negotiation and execution of the Extension and Modification of the Credit Agreement granted to Sigma Alimentos, S.A. de C.V. for a total amount of $100,000,000 US dollars.

Both the transaction and the form of the promissory note required modifications to the LIBOR transition announced by the UK Financial Conduct Authority (FCA), after the Alternative Reference Rates Committee deemed SOFR to be the index representing best practice for use in certain USD derivatives and other financial contracts.

Sigma Alimentos is a Mexican multinational company involved in the manufacture and distribution of refrigerated foods. The company is a subsidiary of Alfa, one of Mexico’s largest industrial groups, and is known for its brands of deli meats, yoghurts, cheeses and prepared foods, including Fud, San Rafael, Chimex, Bar-S, and the subsidiary Campofrío in Spain. It is one of the 50 companies with the highest sales in Mexico and has operations in 20 countries, its main markets being Mexico, the United States and the Eurozone.

Hughes Hubbard & Reed LLP, acted as US counsel to BNP, through partner Emilio Saiz.

NHG’s team was led by partner José Humberto Rocha S. (pictured left), with the support of associate José María Castro Farrés (pictured right).