Pérez-Llorca represents CIM in financing to PowerUp and Stori
Pérez-Llorca Mexico has represented Community Investment Management (CIM) in the amendment and restatement of a US $43 million senior secured financing to PowerUp Technology Inc. and Stori Mexico, as well as in the negotiation for the amendment and restatement – and full prepayment in advance – of a US $66 million senior secured financing to a special purpose vehicle for the financing and origination of a loan portfolio by Stori Mexico.
This transaction was closed in December 2024 for a total amount of USD $109 million and involved the jurisdictions of Mexico and the US. Holland & Knight advised CIM in the US, Paul Hastings and Cooley advised PowerUp Technology Inc. and Stori Mexico in the US, and Fernandez Garcia-Naranjo Boker & Garibay advised PowerUp Technology Inc. and Stori Mexico in Mexico.
The transaction had complex banking and financial regulatory implications, as it arose from the merger and transformation of Stori Mexico from a Sociedad Financiera de Objeto Múltiple (SOFOM) to a Sociedad Financiera Popular (Sofipo). The operation was also a cross-border transaction (US/Mexico) which required close coordination on several fronts for both credit lines.
CIM is a global institutional impact investment manager that provides strategic debt capital to demonstrate and scale responsible lending innovation.
Founded in 2018, Stori offers credit card products to underserved populations. Stori has more than 1.4 million customers in Mexico.
Pérez-Llorca’s team was led by partner José Ignacio Rivero Andere (pictured), with support from counsel Antonio De Lisi Martínez and associate Héctor Ferrari Ruiz.
Holland & Knight’s team consisted of partners Michael Emerson and Tatyana Bloom, and associate Fan Yang.
Paul Hastings’ team comprised partner Richard Davis and of counsel Michael R. Sherman.
Fernandez Garcia-Naranjo Boker & Garibay team included partner Raúl Fernández Briseño and associates Mauricio Rivas Barriga and Víctor Rodríguez del Río.