Milbank LLP advised Mexarrend, S.A.P.I. de C.V., a leading Mexican non-bank financial institution, in connection with a MXN3 billion ($150 million) warehouse secured loan facility secured by equipment lease receivables.
Mexarrend, formerly known as Docuformas, provides financial services for small and medium-sized enterprises (SMEs) in Mexico to finance the purchase of assets and equipment.
The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín, along with associates Andres Osornio, and Ana Bueno. The core team was supported by Transportation & Space partner James Pascale and Alternative Investments partner Catherine Leef Martin.
Mr. Albarracín said: “Milbank is pleased to have advised Mexarrend on this cutting-edge structured finance transaction. This transaction was one of the first cross-border off-balance-sheet loan warehousing facilities for a Mexican non-bank financial institution. This facility will significantly enhance the company’s funding sources, cost of funds and debt profile, and contribute to future growth opportunities.”
Milbank previously advised Mexarrend on two Rule 144A high-yield bond offerings for a total of $460 million, including its inaugural high yield debt offering in 2017.