Mexico: GC acted as counsel to HIR Casa, through Banco Invex as trustee and as borrower, in the structuring and implementation of a syndicated structured loan for MXP$2 billion

Client or Matter Name
HIR Casa in the syndicated structured loan for MXP$2 billion entered with BBVA Mexico (as agent bank), BanCoppel, Banco Bx+, Banco del Bajío, Bank of China Mexico, CIBanco, Banco Monex, and Banco Sabadell.

Deal Description
Acted as independent counsel to HIR Casa (Bienes Programados), through Banco Invex as trustee and as borrower, in the structuring and implementation of a syndicated structured loan for MXP$2 billion entered into with BBVA Mexico (as agent bank), BanCoppel, Banco Bx+, Banco del Bajío, Bank of China Mexico, CIBanco, Banco Monex, and Banco Sabadell, as lenders.

In addition, Banco Invex acted as trustee of the vehicle executing the loan agreement, HIR Casa acted as Primary Manager, and Administradora de Activos Financieros (ACFIN) acted as Master Servicer.

This transaction reiterated the trust that banks have in HIR Casa, a non-banking financial institution (IFNB, for its acronym in Spanish) that recently did its come-back to the securities market in Mexico with a successful securitization program of mortgage loans.

Innovation & Additional Comments
As part of this transaction, HIR Casa and Banco Invex (trustee), with the assistance of our firm, conducted the restructuring of an existing trust agreement previously used by HIR Casa and Banco Invex for a syndicated structured loan back in 2020 and which obligations were dully met prior to this new lean transaction.

Again, this transaction reiterated the trust that banks have in HIR Casa, a non-banking financial institution (IFNB, for its acronym in Spanish) that recently did its come-back to the securities market in Mexico with a successful securitization program of mortgage loans.

Governing Law
Mexico

Deal Value
Total Loan Amount: MXP$2 billion

Deal Duration, Date of Closing / Signing

• Kick-Off: March, 2023
• Execution date: June 30, 2023

Practice Area
Corporate Finance

Team GC
Bernardo Reyes Retana K. – Partner
Francisco J. Alvarez C. – Associate
Diego Hernández A. – Associate

Other firms involved
Mijares, Angoitia, Cortés y Fuentes, S.C., as counsel to the lender banks.

Likewise, the inhouse legal team of HIR Casa, led by attorneys Arturo Garduño (Corporate and Administrative General Counsel) and Alejandro Alatriste (Corporate and Administrative Deputy General Counsel) had a significant participation in this transaction.