Global law firm Norton Rose Fulbright recently advised a consortium of lenders on a US$600 million credit facility extended to Banco Nacional de Comercio Exterior (Bancomext) in Mexico.
The nine-figure loan from our clients – Banco Santander, S.A., Citibank, N.A. and Commerzbank, AG – is guaranteed by the Multilateral Investment Guarantee Agency (MIGA) and will be used to finance companies under an emergency liquidity program that Bancomext recently launched in response to the COVID-19 crisis.
Additionally, according to MIGA, the funding will be used to finance other facilities that will "provide working capital to companies across key exporting sectors of the Mexican economy, including the tourism, manufacturing, automobile and aeronautic industries."
Norton Rose Fulbright's cross-border deal team included lawyers from five offices in four countries.
José Cobeña (São Paulo) led Norton Rose Fulbright's deal team on the transaction, which included support from Daniel Spencer (São Paulo) and Mario Piana (Mexico City). Marian Baldwin (New York), Steve McNabb (Washington, DC), Bernhard Fiedler (Frankfurt), Kevin Prokup (New York) and Caspar Davey (São Paulo) also assisted.