Holland & Knight Advises Infonacot on $230 Million Securitization
MEXICO CITY (July 18, 2017) – Holland & Knight advised Infonacot (Instituto del Fondo Nacional para el Consumo de los Trabajadores) on a US$230 million (MXN$4 billion) consumer loan securitization on the Mexican Stock Exchange. The transaction closed on July 17.
The securitization, with ticker symbol IFCOTCB 17, obtained an AAA rating by both Fitch and HR Ratings.
Holland & Knight Mexico City-based partner Alejandro Landa led the firm’s representation of Infonacot with the assistance of associate José Luis Villareal and paralegal Gerardo Rotzinger.
“We are very pleased to assist Infonacot in creating a structure that includes unemployment insurance for the first time in a consumer loan securitization,” said Mr. Landa.
In the transaction, Banco INVEX, S.A., Institución de Banca Múltiple, INVEX Grupo Financiero acted as trustee; CI Banco, S.A., Institución de Banca Múltiple acted as common representative for the holders of the senior trust bonds; Actinver Casa de Bolsa, S.A. de C.V., Grupo Financiero Actinver (Actinver), and Casa de Bolsa BBVA Bancomer, S.A. de C.V., Grupo Financiero BBVA Bancomer, acted as lead underwriters; and Punto Casa de Bolsa, S.A. de C.V. and Casa de Bolsa Ve por Más, S.A. de C.V. acted as members of the underwriter syndicate. Actinver also acted as structuring agent.