MEXICO CITY (January 20, 2016) – Holland & Knight recently represented Sistema de Crédito Automotriz's (SICREA) in the modification of its domestic bond program (certificados bursátiles) and in the issuance of a $300 million pesos (US$16 million) domestic bond through the program. The firm previously acted as deal counsel to SICREA in the creation of the $2 billion pesos (US$111 million) program. The latest modification increases its amount to $2.3 billion pesos (US$127 million).
SICREA is the financial arm associated with Mexican dealers of Nissan cars, which grants auto loans to the Japanese carmaker's customers. The deal, in which Actinver Casa de Bolsa acted as the placement agent for the notes on the Mexican Stock Exchange, closed on Dec. 15. This AAA-rated issuance completes the $2.3 billion pesos (US$127 million) program that will allow SICREA to complete its financial requirements and grow in the Mexican market.
Holland & Knight Mexico City-based partner Alejandro Landa noted that, "the issuance was a success with investors and was authorized by the Mexican securities authorities in record time." Mr. Landa led the firm's representation of SICREA in this deal with the assistance of associate Armando Figueroa.
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