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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