Holland & Knight announced on May 21 that it advised Fibra UNO and NEXT Properties in connection with two unsecured sustainability-linked revolving credit facilities totaling MXN$11.5 billion (about US$664.7 million) and US$1 billion (about MXN$17.3 billion).
The transactions are significant as they provide substantial funding to Mexico’s largest real estate investment trust, Fibra UNO, and to NEXT Properties, supporting their general corporate purposes while promoting sustainable finance.
Fibra UNO secured an unsecured five-year sustainability-linked revolving credit facility consisting of commitments of MXN$11.5 billion and US$300 million (approximately MXN$5.2 billion), structured in two tranches. BBVA México acted as administrative agent and global coordinator, with BBVA México and Scotiabank Inverlat serving as sustainability agents. The lender group for the Mexican peso portion included BBVA México, Santander México, Scotiabank Inverlat, Banco Mercantil del Norte, Banco Monex, Banco del Bajio, and Banco Ve por Mas; for the U.S. dollar portion it included JPMorgan Chase Bank N.A., Barclays Bank PLC, Bank of America N.A., HSBC México, Goldman Sachs Bank USA, Banco Monex, and BNP Paribas.
NEXT Properties obtained an unsecured five-year sustainability-linked revolving credit facility with a commitment of US$700 million (about MXN$12.1 billion). BBVA México was administrative agent and global coordinator; both BBVA México and Scotiabank Inverlat served as sustainability agents here as well. Lenders included BBVA México, The Bank of Nova Scotia, Scotiabank Inverlat, Bank of America N.A., Banco Citi México, BNP Paribas, JPMorgan Chase Bank N.A., Goldman Sachs Bank USA, Banco Ve por Más and HSBC México.
Both facilities mature in 2031 with proceeds available for general corporate purposes. Each incorporates a sustainability-linked pricing grid that reduces borrowing costs if certain benchmarks are met annually; both comply with the Loan Syndications and Trading Association’s Sustainability Linked Loan Principles.
The New York law aspects were led by Holland & Knight Partner Stephen Double along with Associates Maria De Bedout and Ivan Serralde; Partners Guillermo Uribe Lara and Adrian Gay plus Associates Jorge Gonzalez and Carlos Guijarro advised on Mexican law.
