Jones Day instructed on $1.6bn Fibra E IPO in Mexico

Jones Day in Mexico and Cleary Gottlieb in New York advised Grupo Aeroportuario de la Ciudad de México on its $1.6 billion initial public offering of Fibra E shares . The underwriters instructed Paul Hastings

A Fibra E is a hybrid between a MLP and a REIT (real estate investment trust) in energy and infrastructure. The transaction is reportedly the largest Fibra E offering placed in Mexico so far. It will allow pension funds to invest in the development of Mexico City New International Airport.

Grupo Aeroportuario de la Ciudad de Mexico is the entity in charge of the construction, administration, operation, and exploitation of the Mexico City international airport. It has instructed Jones Day in previous engagements such as a $1 billion credit facility in 2014, the conversion of the credit facility to a $3 billion revolving credit facility in 2015 and its termination in 2017, the $2 billion green bonds initial offering in 2016, and in a subsequent green bonds offering for $4 billion in 2017.

Partners Alberto de le Parra and Gabriel Altamirano led the Jones Day Mexico team advising Grupo Aeroportuario.

Cleary Gottlieb acted as internatinal counsel to the Mexican Ministry of Communications and Transportation and Grupo Aeroportuario de la Ciudad de Mexico.

Credit Suisse and Citibanamex acted as global coordinators of the offering. Banco Inbursa, BTG Pactual, BBVA, Banco Santander and Banorte, acted as underwriters. Banobras participated as the structuring agent. 

Paul Hastings advised Credit Suisse as global coordinator. The firm also assisted this bank and Citigroup which acted as initial purchasers. Partners Mike Fitzgerald, Joy Gallup and Arturo Carrillo led the team. Paul Hastings has previously represented underwriters and lenders for this airport project. Previous financing included a $4 billion green bond offering, the largest ever issued in Latin America.