We represented Gruma in connection with the offering of its USD$800 million 5.390% Senior Notes due 2034 and 5.761% due 2054, issued under foreign legislation.

We represented Goldman Sachs, Barclays Capital, Morgan Stanley, and MUFG Securities Americas, as initial purchasers, in connection with the offering by Banorte (Cayman Islands branch), of its USD$750 million 8.375% Perpetual 6.5-Year Callable Subordinated Non-Preferred Non-Cumulative Tier 1 Capital Notes, and its USD$750 million 8.750% Perpetual 10.5-Year Callable Subordinated Non-Preferred Non-Cumulative Tier 1 Capital Notes.

We represented Barclays, Morgan Stanley, Apollo Global Securities, BBVA Securities, Citigroup, ING Financial Markets and J.P. Morgan Securities, in connection with the offering by Aeroméxico of its USD$1.1 billion 8.250% Senior Secured Notes due 2029, and 8.625% due 2031, issued under foreign legislation.

We represented Fonplata, in the establishment of a long-term CEBURE program before the Mexican Securities and Exchange Commission (CNBV) for a total authorized amount of up to MXN$20,000 million.

We represented JP Morgan, in connection with ALFA's consent solicitation and CUSIP exchange offer regarding its 6.875% Senior Notes due 2044, issued under foreign law as part of an authorized program of up to USD$500 million.

We represented Fideicomiso de Inversión en Energía México (FIEMEX), a special purpose trust managed by Mexico Infrastructure Partners (MIP), in its offering of USD$1.49 billion 7.25% Senior Secured Notes due 2041, issued pursuant to Rule 144A and Regulation S. FIEMEX used a portion of the net proceeds to repay and cancel an existing bridge credit facility incurred to fund the $6.2 billion acquisition of 12 combined-cycle gas turbine plants and a wind farm from Iberdrola. The notes are secured by FIEMEX’s power plants, including the real estate where they are located, ancillary equipment, as well as cash flows generated by them. The collateral documents include a sophisticated waterfall structure to allocate cash flows to service debt, fund reserves, and contribute to operating and capital expenditures for FIEMEX’s plants.

We represented BBVA Securities, Bank of America, Citigroup, HSBC, Mizuho, BNP Paribas, Santander, Scotia Capital and SMBC in connection with the offering by CFE of its US$1.5 billion 5.700% Senior Sustainable Notes due 2030 and 6.450% due 2035, issued under foreign legislation.

We represented BBVA Securities, Barclays, Bank of America and JP Morgan in connection with the offering by BBVA México of its US$600 million 5.250% Senior Notes due 2029, issued under foreign legislation pursuant to an authorized program for an aggregate amount of up to US$10,000 million.