Mexico City, March, 2018, Santamarina y Steta acted, through its partner Sergio Chagoya Diaz and associate Elias Zaga Belzer, as external legal counsel of Promotora Empresarial del Norte, S.A. de C.V., in connection with the Revolving Long Term Debt Bond Program (Programa de Certificados Bursátiles de Largo Plazo) (the “Program”) and its First Issuance.
The Program was authorized by the National Banking and Securities Commission on March 12th, 2018 for a total amount of MXN $600´000,000.00 (six hundred million Pesos 00/100 legal currency of the United Mexican States), and the Program´s first issuance was for a total amount of MXN $300´000,000.00 (three hundred million Pesos 00/100 legal currency of the United Mexican States).
The transaction involved obtaining the corresponding authorization from the National Banking and Securities Commission as well as the approval and green light from the Mexican Stock Exchange and the Mexican Central Securities Custodian (S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V.).
The transaction was very useful and fruitful to create confidence and certainty in the Mexican Securities Market, as well as to encourage the issuing companies as well as the Mexican investors to carry out more operations through the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.). It is also relevant given that it is the first time that Promotora Empresarial del Norte, S.A. de C.V., lists securities in the Mexican stock market, as well as because of the current high level of uncertainty which the Mexican market is facing due to the current political situation in Mexico, including the imminent presidential elections that will be held in the month of July, 2018.
The program was authorized by the National Banking and Securities Commission on March, 12th, 2018.