Carlton Fields Jorden Burt recently represented Intcomex, Inc. in the closing of a $150 million asset-backed, revolving loan facility. The transaction closed on January 10, 2014. This facility is secured by the accounts receivables of Intcomex’s foreign subsidiaries located in nine different jurisdictions in Latin America.
The company used a portion of the proceeds from the new credit facility to pay the $100 million outstanding aggregate principal amount of its 13 ¼ percent Second Priority Senior Notes due in December 2014.
Concurrent with the closing of this transaction, the company received approximately $20 million in additional equity from its existing shareholders. Intcomex expects the refinancing to generate substantial ongoing interest expense savings and gradually increase the company’s overall liquidity.
Carlton Fields Jorden Burt’s team was headed by Of Counsel, Maria Chang Mayer, and she was assisted by Shareholders Josh Markus and Dennis Olle, Associate Jason Jones, and Paralegal Margee Ryder. They worked with the New York City-based law firm of Morrison Cohen on this transaction with Morrison Cohen handling the domestic portion of the transaction and the Carlton Fields Jorden Burt team handling all aspects of the transaction including interfacing with local counsel in each of the nine Latin American countries involved.
Intcomex is a Miami-based company that distributes information technology products including computer equipment, mobile devices, accessories, networking products and digital consumer electronics into Latin America and the Caribbean.
