First Initial Public Offering of 2015 in Mexico

May 11, 2016

EY Abogados, the transactional law practice of Mancera, S.C. (dba EY México), has advised Unifin Financiera, S.A.B. de C.V., SOFOM, ENR and its shareholders, in connection with the initial public offering of Unifin. Mexico City-based Unifin is Latin America’s leading independent leasing company.  The transaction consisted of a domestic public offering in Mexico through the Mexican Stock Exchange, and a private placement with institutional investors in the United States of America and other jurisdictions in accordance with Rule 144A and Regulation S of the U.S. Securities Act of 1933.  The company and the shareholders raised an aggregate gross amount of 3.6 billion pesos (approximately 240.4 million dollars), considering the overallotment option granted to the underwriters.

Credit Suisse Securities (USA) LLC acted as global coordinator of the offering.

The Mexican underwriters of the transaction were Casa de Bolsa Credit Suisse (México), S.A. de C.V., Grupo Financiero Credit Suisse (México); Acciones y Valores Banamex, S.A. de C.V., Casa de Bolsa, integrante del Grupo Financiero Banamex; Casa de Bolsa Banorte-IXE, S.A. de C.V., Grupo Financiero Banorte; Scotia Inverlat Casa de Bolsa, S.A. de C.V., Grupo Financiero Scotiabank Inverlat; Actinver Casa de Bolsa, S.A. de C.V., Grupo Financiero Actinver; and UBS Casa de Bolsa, S.A. de C.V., UBS Grupo Financiero.  The initial purchasers in the United States were Credit Suisse Securities (USA), LLC; Citigroup Global Markets, Inc.; UBS Securities, LLC; and Scotia Capital (USA), Inc.

The closing of this transaction is very relevant for the fast-changing legal market in Mexico, as this is the first IPO in the Americas in which a Big Four firm acts as special counsel to the issuer.

As mentioned above, the issuer and its selling shareholders were advised by the Mexico City office of EY Abogados, through partner Jimena González de Cossío, and associates Emma L. López and Jorge J. Mendizábal. The New York City office of Paul Hastings LLP advised the company and the selling shareholders through partners Michael Fitzgerald and Arturo Carrillo, of counsel Steven P. Sandretto and international associate Gabriel García Peña.

Ritch, Mueller, Heather y Nicolau, S.C., through partner Luis Nicolau and associate Leopoldo Fragoso, acted as Mexican counsel to the Mexican underwriters and international initial purchasers.  The New York City office of Cleary, Gottlieb, Steen & Hamilton, LLP advised the underwriters and initial purchasers as to U.S. federal law and New York law matters.