White & Case Advises Banobras and FONADIN In Connection with an Approximately US$6 Billion Acquisition Financing for a Portfolio of 13 Power Plants

Global law firm White & Case LLP has advised Banco Nacional de Obras y Servicios Públicos, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (Banobras) and Fondo Nacional de Infraestructura (FONADIN) in connection with the approximately US$6 billion acquisition financing for a portfolio of 13 power plants, with an aggregate capacity of 8,500 MWs, acquired from Iberdrola by an acquisition trust managed by Mexico Infrastructure Partners FF, S.A.P.I. de C.V.

The White & Case team advised Banobras and FONADIN under Mexican and New York law in connection with the US$1.2 billion senior secured term loan provided by Banobras and the US$2.4 billion equity contribution made by FONADIN to the acquisition trust through a Mexican law- governed CKD Issuer Trust Agreement (Fideicomiso Emisor de Certificados Bursátiles Fiduciarios de Desarrollo). The debt financing totaled US$3.87 billion in term loans provided by Banobras and a group of Mexican development banks, together with a syndicate of commercial banks.

The White & Case team was led by partners Francisco de Rosenzweig, Narciso Campos Cuevas, Juan Ruenes (all in Mexico City) and Sean Goldstein (Miami), and included local partner Juan Carlos Llorens Rojas (Mexico City), and associates Christopher Bergan, Santiago Puente, Alberto de Villa Albarran, José Daniel Franco, Gustavo Neyra and Aida Fernández Laez (all in Mexico City), and Joselyn Gonzalez-Castillo (Miami).

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