INFONACOT’s $111 Million Securities Offering


Holland & Knight advised Instituto del Fondo Nacional para el Consumo de los Trabajadores (INFONACOT) on a MXN$2 billion (US$111 million) securities issuance on the Mexican Stock Exchange.

The transaction closed on April 19.

Although INFONACOT does not have the federal government as guarantor, the securities issuance, with ticker symbol FNCOT 18, obtained an AAA rating by both Fitch and HR Ratings.

This securities issuance is part of a MXN$10 billion (US$555 million) program that complements the funding structure of INFONACOT alongside the securitization of MXN$4 billion (US $230 million) in which Holland & Knight also participated last year.

In this transaction, CI Banco, S.A. Institución de Banca Múltiple acted as common representative for the holders of the senior notes, and Actinver Casa de Bolsa, S.A. de C.V., Grupo Financiero Actinver, Casa de Bolsa BBVA Bancomer, S.A. de C.V., and Grupo Financiero BBVA Bancomer acted as lead underwriters.

Holland & Knight advised Instituto del Fondo Nacional para el Consumo de los Trabajadores with partner Alejandro Landa Thierry (Picture), José Luis Villareal and Gerardo Rotzinger

Involved fees earner: Alejandro Landa Thierry – Holland & Knight; José Luis Villareal – Holland & Knight;

Law Firms: Holland & Knight;

Clients: Instituto del Fondo Nacional para el Consumo de los Trabajadores;

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Author: Ambrogio Visconti.