The Bank of Nova Scotia Finances Elementia and Fortaleza Materials

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Posted: 30th June 2022 by
Lawyer Monthly
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The Bank of Nova Scotia (Scotiabank) has granted a combined unsecured loan of $200 million dollars to Elementia Materials and Fortaleza Materials.

The negotiation of the financing closed on 25 March. The credit agreements are guaranteed by the subsidiaries of both companies under New York law. Elementia and Fortaleza both ceased trading on the Mexican Stock Exchange and required resources to finance a public offer for the acquisition of outstanding shares.

Elementia Materials was registered in 2021 as the result of the separation of Elementia’s Building Systems and Metals business units. It operates 22 production plants across the United States, Mexico, El Salvador, Costa Rica, Honduras, Colombia, Ecuador, Peru and Bolivia. Fortaleza Materials manufactures and markets products for the construction industry.

Fortaleza Materiales manufactures and markets cement for the construction industry. It provides structural solutions for the foundations, columns, floors and ceilings of houses, shopping malls, offices and hospitals – among other facilities – in Mexico, the United States and Latin America.

Creel, García-Cuéllar, Aiza y Enríquez advised Scotiabank with a team comprising partners Giovanni Ramírez Garrido, Alejandro Isaac and Eduardo Brandt López, in addition to senior associate Santiago Aguilar Vega and associate Mirna Alvarado Cárdenas. Mayer Brown also assisted Scotiabank. Bufete Robles Miaja and Davis Polk & Wardwell advised the borrowers.

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