Cleary Gottlieb acted for BNP Paribas, JP Morgan, Morgan Stanley and Citigroup in the global bond offering by Nemak. The company returned to Paul Hastings for this deal.
Nemak is a global automotive parts manufacturer headquartered in Greater Monterrey, Mexico.
The transaction consisted of an offering of €500 million 3.250% senior notes due 2024. It was conducted as a private placement in the United States under Rule 144A and an offshore offering in reliance on Regulation S. The transaction priced on March 9, 2017 and is expected to close on March 14, 2017. This is reportedly the first Mexican high yield deal in 2017.
Partners Jorge Juantorena, Erika Nijenhuis and Richard Sultman were part of the Cleary Gottlieb team advising the banks.
The Paul Hastings team advising Nemak was led by partners Mike Fitzgerald and Arturo Carrillo. The firm has previously acted for Nemak on its 2015 IPO and prior bond offerings.