Holland & Knight LLP advised Banco Multiva on the deal.
Banco Multiva granted three loans, two for the Mexican State of Sonora and one for the Mexican State of Yucatán, for an aggregate amount of MXN$440 million (approx. US$20 million). The transactions closed on October 30.
Banco Multiva was selected as lender to the states of Sonora and Yucatan through a competitive bidding process. The loans will help the states cover short-term needs, including expenses related to the COVID-19 pandemic.
On October 19, the Chamber of Representatives (Cámara de Diputados) in Mexico approved a draft of reformsto the Law of Financial Discipline of the States and Municipalities. The reform will allow state governments to contract and restructure financing without the need for authorization from the local legislature when there are extraordinary situations or health emergencies in order to reactivate the country’s economy.
Holland & Knight partner Alejandro Landa Thierry (Picture) and associate Rosa María Cuevas led the firm’s representation of Banco Multiva on the three transactions.
Law Firms: Holland & Knight;
Clients: Banco Multiva S.A.;