Holland & Knight Advises on $320 Million Loan Refinancing to Mexican State of Chihuahua

MEXICO CITY (April 4, 2018) – Attorneys in Holland & Knight’s Mexico City office recently advised Banco Interacciones on the refinancing of an approximately MXN$6 billion (US$320 million) loan to the Mexican state of Chihuahua. The transaction closed on April 2.

The loan was refinanced pursuant to the law on financial discipline for federal entities and municipalities (Ley de Disciplina Financiera de las Entidades Federativas y los Municipios). The transaction is one of the first refinancings under Article 23 of the Ley de Disciplina Financiera, which allows refinancings without approval of Congress if certain conditions are met.

Holland & Knight Mexico City-based Partner Alejandro Landa Thierry and Senior Counsel Adrian Cabrero acted as legal counsel to Banco Interacciones.

Late last year, Banco Interacciones announced plans to merge with Banco Mercantil del Norte (Banorte), which will create the second biggest bank in Mexico.