Jones Day instructed on financing of Pemex assets acquisition

Jones Day lawyers in Mexico City, Miami, New York and Washington, DC teamed up to advise the lenders providing financing to First Reserve for the acquisition of an ultra-low sulfur gasoline facility from Pemex.

The primary financing for the acquisition was a $607 million multi-tranche term loan facility provided by Banobras, Banco Santander, Banamex, Natixis, Bank of Tokyo-Mitsubishi, and Intesa Sanpaolo, lenders acting as co-lead arrangers.

First Reserve is a global private equity and infrastructure investment firm exclusively focused on energy.

The transaction also included a separate credit facility to finance VAT obligations of the borrower, which was provided by Banco Santander and Bancomext. In addition to advising the lenders in both financing facilities, Jones Day also provided Mexican counsel to the administrative agent, U.S. Bank.

Partner Manuel Romano from the Mexico City office led the The Jones Day team advising U.S. Bank in Mexican law matters.

Partners Alberto de la Parra in Mexico City, Robert da Silva Ashley in New York and Tracy Oley in DC led the Jones Day multioffice team working for the lenders.

First Reserve instructed Latham & Watkins as New York counsel and White & Case for Mexican law.

Winston & Strawn advised U.S. Bank on matters under New York law.

PEMEX retained Mexican law firm Gonzalez Calvillo.