White & Case Advises Banorte on its First Issuance of MXN 13.07 Billion Green and Social Debt Securities

Global law firm White & Case LLP has advised Grupo Financiero Banorte, a leading Mexican financial institution, on its first public offering of green and social debt securities in the form of certificados bursátiles (CBs) through the issuance of three tranches of CBs totaling MXN 13.06 billion (approximately US$763 million) on the Mexican Stock Exchange.

Under the terms of the offering, which was issued under the Mexican Stock Exchange's locally registered multi-securities program, the first tranche's issuance, Banorte 24X, was for an aggregate amount of MXN 4.1 billion (approximately US$243.7 million) at a floating interest rate, plus a spread of 33 basis points, due in February 2028; the issuance of the second tranche, Banorte 24-2X, was for an aggregate amount of MXN 3.6 billion (approximately US$212.7 million) at a fixed rate of 9.74 percent, due in February 2031; and the final tranche's issuance, Banorte 24UX, was for an aggregate amount of MXN 5.2 billion (approximately US$306.6 million), at a fixed rate of 4.90 percent, due in February 2034.

Banorte will use the proceeds from the issuance to finance new green, social and/or sustainable projects, or to refinance existing ones through Banorte's various programs and products, in accordance with the "Sustainable Financing Framework" adopted by Banorte.

The White & Case Capital Markets team was led by partners Carlos Mainero Ruiz and Eduardo Flores Herrera, and included associates Simon Micha Kurc and Alonso Arellano Luna (all in Mexico City).

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