Nader, Hayaux & Goebel Advises Murano on Pioneering US$300 Million Bond Refinancing of Grand Island Cancun Project

Nader, Hayaux & Goebel Advises Murano on Pioneering US$300 Million Bond Refinancing of Grand Island Cancun Project

Leading Mexican law firm Nader Hayaux & Goebel (NHG) has advised Murano Group, through its affiliates and trust vehicles, on the successful refinancing of its Grand Island Cancun hotel project. The transaction involved the issuance of US$300 million in Senior Secured Notes due 2031, under Rule 144A and Regulation S of the U.S. Securities Act.

The Grand Island Cancun project is a major development featuring a five-star, upper-scale resort with 3,000 rooms, located along the Nichupté Lagoon in Cancún.

The transaction involved features of both a secured financing and a securitization of hotel-related receivables.

The Notes are backed by cash flows from a hotel management agreement for the Grand Island Cancun project, and secured with a security interest on related real estate, assets and other rights.

Murano PV, S.A. de C.V., a Murano sub-holding company, along with Operadora Hotelera G.I., S.A. de C.V., and two additional project trusts governed by Mexican law, provided guarantees for the Notes. Murano Global Investments PLC also served as sponsor of the Notes under a Sponsor Support and Indemnification Agreement.

Proceeds from the offering were allocated to prepay existing construction and development debt, fund a debt service reserve, provide working capital, and cover remaining project completion costs. Additionally, net proceeds will be applied to Eligible Projects under Murano’s Green Bond Framework.

Murano is a global development group specializing in the structuring, development, and management of industrial, residential, corporate, and hotel projects across Mexico.

This Notes issuance represents Murano’s first debt international markets transaction, marking a pivotal milestone in the company’s evolution as a public entity.  In May 2024, NHG advised Murano in connection with the execution of a Business Combination Agreement with HCM Acquisition Corp (NASDAQ: HCMA), a SPAC incorporated in the Cayman Islands. This was the first ever De-SPAC transaction involving a Mexican hospitality company, and one of the very few transactions where Mexican companies have accessed the United States public capital markets in this manner

Counsels to Murano:

Partners:

• Michell Nader
• Julián Garza
• Alejandro Rojas
• Antitrust Matters: Alejandro Mendiola
• Tax Matters: Adalberto Valadez
• Environmental Matters: Marcela Ánimas

Associates

• Fernando Castillo V.
• Rose M. Harfush M.
• Diana Torres
• Diego Hagemann
• Patricio Rodriguez
• Antitrust Matters: Sandra Portillo
• Tax Matters: David Arguedas