C reel remains at the forefront of capital markets transactions

CREEL, GARCÍA-CUÉLLAR, AIZA Y ENRÍQUEZ S.C.

Creel, García-Cuéllar, Aiza y Enríquez advises on another round of innovative and first-of-their-kind transactions, maintaining its market leading position on the most sophisticated and demanding projects in Mexico.

In the first quarter of 2018, Creel advised on the first-ever initial business combination (de-SPAC) by a Special Purpose Acquisition Company (SPAC) and on 5 groundbreaking capital markets transactions, including the second-ever FIBRA E and the first sponsored by a state-controlled company, the second-ever Special Purpose Acquisition Company (SPAC), the third-ever and largest Fibra E offering and second largest IPO in Mexican history, the first-ever multi-sovereign catastroph bond offering, and the first CKD offering of a fund focused on the agricultural sector in Mexico.

  • After advising Riverstone and Vista Oil & Gas in the first-ever Special Purpose Acquisition Company (SPAC) listing in Mexico and Latin America, advised Vista on all matters relating to the approval, finan¬cing and execution of its Initial Business Combination consisting of the acquisition of a fully operational oil & gas platform from Pampa Energía and Pluspetrol Resources located in Argentina’s Vaca Muerta shale formation in the amount of US$800 million. This is the first de-SPAC process in the Mexican and Latin American markets.
  • After advising on the first-ever Fibra E offering, advised Barclays Capital, BBVA Bancomer, Goldman Sachs, Evercore, Morgan Stanley, and Santander as lead Mexican underwriters and initial purchasers on the global offering of the second-ever FIBRA E offering sponsored by Mexico’s state power utility company, CFE, which raised US$885 million from Mexican and international investors.
  • Advised Promecap and Promecap Acquisition Company, a special purpose acquisition company (or SPAC), in the second-ever SPAC listing in Mexico and Latin America, through a combined global offe¬ring which raised US$300 million.
  • Advised Banorte IXE, BBVA Bancomer, BTG Pactual, Citigroup, Credit Suisse, Inbursa, and Santander, as lead Mexican underwriters and initial purchasers on the global offering of the third-ever FIBRA E sponsored by Grupo Aeroportuario de la Ciudad de México for the financing of the construction and development of the new Mexico City International Airport, which raised US$1.64 billion. This is the largest-ever offering of a FIBRA E in Mexico, the largest IPO in the country since 2012, and the second largest IPO in Mexican history.
  • Advised the Mexican Government on the Joint Multi-Country Floating Rate Insurance-Linked Capital at Risk Notes, issued under the IBRD Global Debt Issuance Facility, a catastrophic risk transfer transaction ending in the issuance of floating rate insurance-linked capital at risk notes, in which the Mexican Government acted as insured party. The IBRD issued five catastrophe bond series worth a combined US$1.36 billion for the benefit of Chile, Colombia, Mexico and Peru (Pacific Alliance Member Countries). Mexico is insured by two series of bonds worth US$260 million against earthquakes in Mexico. This is the largest single issuance of catastrophe bonds the IBRD has ever done, and the largest sovereign risk insurance transaction ever.
  • Advised RRG Capital Management and Grupo Renovables Agrícolas (GRA) on the first-ever agricultural -focused CKD fund and the registration and initial public offering of the capital development certificates (certificados bursátiles de capital de desarrollo) sponsored by RRG Capital and managed by GRA, for MXP$800 million. This is the first-ever CKD fund in the Mexican market focused on developing projects to improve the agricultural sector in Mexico.

We thank our clients for their confidence in our ability to bring the most challenging transactions to market, and as always reaffirm our unwavering commitment to excellence.

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