Squire Patton Boggs has advised a group of financial institutions and fund in the refinancing of the debt of the Spain-based STIN Group, as well as in obtaining rescue financing from Cofides, through the public recapitalization 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, together with Ana Bohórquez and David Calleja, and Miguel Nasser advising on the tax aspects of the refinancing.