Fermaca’s $815 Million Refinancing Transactions


Galicia Abogados, Milbank and Ritch Mueller Heather y Nicolau advised on the transaction

Allianz Global Investors U.S. LLC (acting on behalf of its clients) and a commercial bank group as lenders and institutional investors executed a $815 million bank and bond re-financing of a 420 kilometer natural gas transportation pipeline owned by leading Mexico infrastructure builder and operator Fermaca Pipeline El Encinco, S. de R.L. de C.V. The pipeline extends between the Mexican states of Chihuahua and Durango.

The Milbank team advised Allianz Global Investors U.S. LLC in its role as investment manager in connection with a note refinancing on behalf of its clients valued at approximately $450 million. The commercial bank group of lenders involved in the approximately $360 million included lead lender NordLB, as well as BNP Paribas, ING, Sabadell and Mizuho.

The Milbank team was led by Project, Energy and Infrastructure Finance partners Dan Bartfeld (Picture) and Jaime Ramirez, along with associates Genevieve Fox, Eusebius Luk and Rocio Portela-Berrios. Capital Markets special counsel Sam Badawi also assisted on the transaction.

In Mexico, Ritch Mueller Heather y Nicolau, S.C. advised the leners with Jorge Oria y Anaya, Lourdes Elizondo, Maria Fernanda Ibargüengoitia and Alberto de Villa.

Galicia Abogados advised Fermaca Pipeline El Encino, S. de RL de CV. with Francisco Fernández Cueto, Maurice Berkman, José Alejandro Cortés and Jessica Hurtado.

Involved fees earner: Francisco Fernández Cueto – Galicia Abogados, S.C; José Alejandro Cortés Serrano – Galicia Abogados, S.C; Maurice Berkman – Galicia Abogados, S.C; Jessica Hurtado – Galicia Abogados, S.C; Jorge Oria y Anaya – Ritch, Mueller, Heather y Nicolau, SC; Lourdes Elizondo Argüelles – Ritch, Mueller, Heather y Nicolau, SC; María Fernanda Ibargúengoitia Lira – Ritch, Mueller, Heather y Nicolau, SC; Daniel Bartfeld – Milbank; Jaime Ramirez – Milbank; Genevieve Fox – Milbank; Eusebius Luk – Milbank; Rocio Portela-Berrios – Milbank; Husam Badawi – Milbank;

Law Firms: Galicia Abogados, S.C; Ritch, Mueller, Heather y Nicolau, SC; Milbank;

Clients: BNP Paribas; ING Bank; Mizuho; Allianz Global Investor; NordLB; Banco Sabadell; Fermaca ;