Cuatrecasas advises Comsa Group on renewal and negotiation of working capital financing facilities
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SubscribeCuatrecasas has advised Comsa on the renewal of its working capital facilities, enabling it to repay all long-term debt and secure the working capital financing needed to execute its medium-term expansion plan, while simultaneously significantly reducing the collateral package associated with the financing.
The agreement was finalized with Banco Santander, CaixaBank, Banco Sabadell, and BBVA, completing the restructuring of the company’s financial framework that began in 2016. Comsa thus begins a new, debt-free phase in which it has been awarded contracts worth over €600 million, notably including the construction of stations and workshops for the Saltillo–Nuevo Laredo railway line (Mexico), the renovation of the Hrvatski Leskovac–Karlovac line (Croatia), and the construction of three new berths at the Port of Barcelona’s Energy Wharf.
The agreement reflects the confidence of financial institutions in Comsa Corporación’s business model and endorses the group’s strategy of sustained growth, demonstrating its ability to generate resources and strengthen its balance sheet.
Regarding the transaction, Financial Practice partner Pol Solsona highlighted: "We are proud to have assisted the Comsa Group in closing this new transaction, which provides it with the financial resources and legal instruments necessary to execute its ambitious business plan."
Co-lead in the transaction, Héctor Bros, noted: "Cuatrecasas has been advising the Comsa Group for over three decades across all areas of its business operations; this exemplifies the long-term relationships we aim to build with our clients—relationships that are a fundamental part of our value proposition." The firm has supported Comsa through various financial debt restructuring and reorganization transactions since the initial deal in 2012, an effort in which the Cuatrecasas Mexico office also participated.
The Cuatrecasas advisory team in Spain was made up of Héctor Bros, Pol Solsona, Magda Munt, and Mireia Moll (Finance), with the assistance of Javier Calle (Tax). In Mexico, the lead counsel were León López and Paola Igartúa.
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