Uría Menendez advises the Banks in Eroski Group?s debt restructuring

Uría Menendez advised a syndicate of over twenty banks on Eroski’s debt restructuring, including Caixabank, BBVA, Banco Santander, Bankia, Banesto, Sabadell, Popular and Kutxabank as coordinating entities.

The restructuring transaction, signed on 3 January and closed on 14 January 2013, involved the consolidation of several (syndicated and bilateral) financing agreements, and guarantees and Export-Import lines and letters of credit that Eroski Group had with different financial entities.

This transaction was particularly innovative because it designed a common structure for two syndicated credit agreements.

The team involved in the transaction was led by Sebastián Sáenz de Santa María (Partner, Finance, Madrid) and included Blanca Arlabán (Associate, Finance, Madrid), Santiago Lobato (Junior Associate, Finance, Madrid) and José Félix Zaldívar de la Rica (Junior Associate, Finance, Madrid). KPMG advised the credit entities on the financial aspects of the transaction.

Eroski was advised by Clifford Chance, through its Madrid-based team led by partners Carlos Hernández-Canut and Iñigo Villoria, and including Rodrigo Uría and Felipe Font. Eroski was also advised by DJV Abogados, and by Houlihan Lokey on financial matters.