NHG Advises on a MXN 2.2 Billion Refinancing for Punto Valle Mixed-Use Development
NHG Advises on a MXN 2.2 Billion Refinancing for Punto Valle Mixed-Use Development
Nader, Hayaux & Goebel advised BBVA México, as lender, arranger, collateral agent and administrative agent, in connection with a MXN 2.2 billion refinancing facility granted to Valores Patrimoniales DM (“Valores Patrimoniales”), owner of the landmark mixed-use development Punto Valle located in San Pedro Garza García, Nuevo León.
The financing was provided by BBVA, together with Banco Multiva, Banca Mifel and Banco del Bajío, acting as lenders. The transaction involved the refinancing and full repayment of an existing credit facility, including the cancellation of the prior financing structure and the release of the related guarantees.
The refinancing required a comprehensive restructuring of the existing financing arrangements, as well as the implementation of a new collateral package aligned with the project’s cash flow structure.
The facility is secured by (i) a Mexican security trust (fideicomiso de garantía) to which collection rights arising from the commercial activities of the Punto Valle shopping center were conveyed, and (ii) a first-priority mortgage over the project.
Punto Valle is one of the most prominent mixed-use developments in northern Mexico, combining retail, fine dining, entertainment and office space, and serving as a leading commercial and lifestyle destination in the Monterrey metropolitan area.
The NHG team, led by Michell Nader, with key support from associates Fernando Villalón, Manuel Núñez, Santiago Rovelo, and law clerk Regina Valerio, advised BBVA and the lender syndicate throughout the structuring, negotiation, documentation and closing of the transaction.
The refinancing also involved complex negotiations related to the regularization and substitution of previously issued mandatorily convertible obligations into shares, as well as the design and implementation of a comprehensive collateral and covenant package.
NHG is proud to have contributed to a refinancing that supports the continued growth and consolidation of Punto Valle as one of the leading mixed-use commercial and lifestyle destinations in northern Mexico.
