MEXICO CITY (December 16, 2013) The Mexico City office of Holland & Knight represented Banco Interacciones, S.A. in a MXP $695 million (US$53 million) financing to State of Veracruz on December 4, 2013. This financing is the last tranche of a financial reorganization of the State of Veracruz approved by the local Congress for a total amount of MXP $30 billion (US$2.3 billion) in August 2011.
"We were pleased to represent Banco Interacciones in this final tranche as it closes the financial reorganization of the State of Veracruz," said Holland & Knight Partner Alejandro Landa Thierry.
The financial reorganization was structured by means of a master trust (fideicomiso maestro) backed with federal revenues (participaciones federales) and the issuance of securities (VERACB, VERACB 12-2 and VERACB 12U) through an issuing trust.
"Public finance in Mexico has evolved dramatically in recent years," said Mr. Landa. "New amendments to the Fiscal Coordination Law (Ley de Coordinación Fiscal), which will go into effect in January 2014 and provide more transparency in this arena, are just the most recent examples of modernization."
Please note that email communications to the firm through this website do not create an attorney-client relationship between you and the firm. Do not send any privileged or confidential information to the firm through this website. Click "accept" below to confirm that you have read and understand this notice.