Ritch Mueller acts on FIEMEX offering
Ritch Mueller has acted as advisor to Fideicomiso de Inversión en Energía México (FIEMEX), a special purpose trust managed by Mexico Infrastructure Partners (MIP), on the offering of USD1.49 billion of 7.25% senior secured debt securities due 2041, issued pursuant to Rule 144A and Regulation S.
FIEMEX used a portion of the proceeds to repay and cancel an existing bridge loan facility used to finance the acquisition of 12 combined cycle plants and a wind farm from Iberdrola with a value of USD$6.2 billion.
The notes, issued on 18 September, are secured by the power plants owned by FIEMEX, including the real estate where they are located, ancillary equipment, as well as the cash flows generated by them. The security documents include a sophisticated cash flow allocation structure to service debt, fund reserves and pay operating and capital expenses of FIEMEX’s power plants.
Other participating firms were Cleary Gottlieb as New York counsel to the MIP, Milbank as New York counsel to the global coordinators and joint book runners; and Galicia Abogados as counsel to global coordinators and joint book runners in Mexico.
Ritch Mueller’s team was led by partners Gabriel del Valle Mendiola (pictured left) and Asaf Jiménez Adorno (pictured right), with support from lawyers Ada Paulina Castillo Rodríguez, Brenda Rogel Salgado, Diego Guerrero Segura, Héctor Vázquez Mora, Javier Camacho Piedra, Miranda Jonane Suzan Rodríguez, Oscar A. López Velarde and Samantha Maasberg López.
