Holland & Knight Represents Sistema de Crédito Automotriz in Car Loan Securitization on Mexico Stock Exchange
MEXICO CITY (May 19, 2014) – Holland & Knight acted as deal counsel in Sistema de Crédito Automotriz's (SICREA) successful completion of its $2 billion pesos (US$160 million) program and final $250 million pesos (US$20 million) revolving issuance of its 2017 domestic bonds (certificados bursátiles).
The deal, in which Actinver Casa de Bolsa acted as placement agent for the notes in the Mexican Stock Exchange, closed on May 13. This AAA-rated issuance completes a $2 billion pesos notes program that will allow SICREA to complete its financial requirements and grow in the Mexican market.
SICREA is the financial arm associated with Mexican dealers of Nissan cars and grants auto loans to the Japanese carmaker's customers.
Holland & Knight partner Alejandro Landa noted that "the issuance was a success with investors and was authorized by the Mexican securities authorities in record time."
The issuance follows the recent implementation of new criteria issued by the Mexican authorities, which provides the Mexican securities market a faster response time from the agency.
Mr. Landa, who is based in Mexico City, led the firm's representation of SICREA in this deal with the assistance of associates Christian Turégano and Maria Serna.