Squire Patton Boggs has advised the lenders on the €29 million refinancing of the Spanish STIN Group
Squire Patton Boggs has advised a group of financial institutions and fund on the refinancing of the debt of the Spain-based STIN Group. They also obtained rescue financing from Cofides, through the recapitalisation fund for companies affected by Covid-19 (Fondo de Recapitalización de empresas afectadas por la covid-19, FONREC Cofides).
STIN Group is a leading independent Spanish multinational company with more than 30 years of experience in the non-mechanical services sector for industrial construction.
The refinancing agreement reached, for a total aggregate amount of €29 million, provides for the debt restructuring of the STIN Group’s long-term debt, as well as the granting of new working capital lines and new money financing by FONREC Cofides. FONREC Cofides’ Technical Investment Committee approved STIN Group’s request for new financing on February 12 through the granting of a long-term participating loan.
The Squire Patton Boggs team in Madrid was led by banking and finance partner Manuel Mingot (pictured), together with Alberto París, Ana Bohórquez and David Calleja, and Miguel Nasser advising on the tax aspects of the refinancing.
EY was the the financial advisor.