White & Case Advises Braskem Idesa, S.A.P.I. on US$1.35 Billion Refinancing of Petrochemical Complex in Mexico

Global law firm White & Case LLP has advised Braskem Idesa, S.A.P.I., the owner and operator of the US$5.2 billion Etileno XXI petrochemical complex in Veracruz, Mexico, on the successful refinancing of its approximately US$1.35 billion project finance debt.

Braskem Idesa is a leading global petrochemical company and the largest Mexican producer of polyethylene. The complex began operations in 2016 and has a production capacity of 1.050 million tons of polyethylene per year.

The refinancing consisted in a full prepayment of Braskem Idesa's US$1.35 billion project finance debt with US$1.2 billion in aggregate principal amount of 6.990% senior secured sustainability-linked notes due 2032 and a US$150 million term loan facility. Morgan Stanley, Crédit Agricole CIB, Deutsche Bank and Itaú BBA acted as joint lead arrangers and joint bookrunners.

White & Case has acted as Braskem Idesa's New York and Mexican project finance counsel for more than ten years. For the refinancing, White & Case acted as New York and Mexican counsel for the term loan facility and as Mexican counsel in connection with the notes issuance.

The refinancing comes on the heels of an amendment to Braskem Idesa's ethane supply contract with Pemex.

The White & Case team was led by partner Jeannine Acevedo in Miami and partner Juan Antonio Martín and local partner Juan Ruenes, both in Mexico City. The team also included partners Ian Cuillerier in New York, Jonathan Hamilton and Francisco Jijon in Washington, DC and Rafael Llano in Mexico City; counsel Michael Rogers in Houston; local partners Guillermo Aguayo, Mauricio Valdespino and Roberto Ríos in Mexico City; associates Fernando Vazquez, Juan Carlos Llorens, Mariana Montemayor, Daniel Franco and Mikel Irurita in Mexico; Ana Arias, Chris Bergan and Helena Buitrago in Miami; and Rhys Bortignon in New York.

Press contact
For more information please speak to your local media contact.