Holland & Knight Assists Sistema de Crédito Automotriz in Bond Issuance on the Mexican Stock Exchange
MEXICO CITY – October 22, 2013 – Holland & Knight assisted Sistema de Crédito Automotriz (SICREA) in the revolving issuance of its 2017 domestic bonds (certificados bursátiles) backed by trade receivables raising MXP 450 million (US$34 million).
The bond issuance received an AAA rating and was placed by Actinver Casa de Bolsa on October 15. The issuance is part of SICREA's 2 billion pesos notes program.
"Due to the initial structure, SICREA's notes program has allowed a lot of flexibility in order to access funds during optimal market conditions," said Holland & Knight Partner Alejandro Landa.
SICREA is the financial arm associated with Mexican dealers of Nissan cars and grants auto loans to the Japanese carmaker's clients.
Mr. Landa and Holland & Knight Partner Boris Otto led the firm's representation of SICREA in this deal. Both attorneys reside in the firm's Mexico City office.