Cleary Gottlieb acted as a counsel to CPPIB Credit Investments Inc. as the initial lender in a refinancing of a 2.94 billion Mexican peso-denominated senior secured loan to Grupo Gayosso S.A. de C.V.
CPPIB Credit Investments Inc. is a subsidiary of the Canada Pension Plan Investment Board, one of the world’s largest pension funds with over C$328 billion in investment assets as of September 2017. Cleary also represented the Canada Pension Plan Investment Board in the original financing in 2013.
The proceeds of the refinancing, which included an increase in the commitment amount, will be used to make equity distributions and for general corporate purposes. The transaction signed on December 15, 2017, and closed on December 19, 2017.
Grupo Gayosso is a Mexican funeral services company that was acquired by Advent International in 2007.