Holland & Knight advises on three loans to Mexican States
Holland & Knight has advised Banco Multiva on the loans to Sonora and Yucatán states
Holland & Knight recently advised Banco Multiva on 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. $20 million). The transactions closed on October 30.
Banco Multiva was selected as the lender to the states of Sonora and Yucatán 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 reforms to 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 team was led by partner Alejandro Landa Thierry (pictured), and involved associate Rosa María Cuevas.
