Cases & Deals

Syndicate of lenders provide $607 million financing to subsidiary of First Reserve to acquire Pemex assets

Clients Banobras; Banco Santander, S.A.; Banamex; Natixis; Bank of Tokyo-Mitsubishi; and Intesa Sanpaolo

Jones Day advised Banco Santander (Mexico) S.A.; Banco Nacional de Obras y Servicios Publicos, S.N.C. (Banobras); Banco Nacional de Mexico S.A., integrante del Grupo Financiero Banamex (Banamex); Natixis, New York Branch; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; and Intesa Sanpaolo S.P.A., New York Branch, as co-lead arrangers, in connection with the $607 million debt financing provided to a wholly-owned subsidiary of First Reserve to acquire from Petroleos Mexicanos (Pemex) an ultra-low sulfur gasoline facility located at the refinery Francisco I. Madero in Ciudad Madero, Tamaulipas Mexico (GUBA).

The primary credit facility consisted of a multi-tranche term loan facility to finance the acquisition. The transaction also included a separate credit facility provided by Banco Santander and Bancomext to finance VAT obligations of First Reserve in connection with the acquisition.

In addition to advising the lenders in both financing facilities, Jones Day also advised the administrative agent, U.S. Bank, on Mexican law matters relating to the financing transaction.

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