Leading global law firm Baker McKenzie announced today that the New York office represented BBVA and J.P. Morgan, as global coordinators, and Alterna, BofA, Citigroup, Goldman Sachs, Santander and Scotia, as joint bookrunners, in connection with a sustainability-linked notes offering by Fibra Uno. The offering consisted of USD 500 million of 7.700% Senior Sustainability-Linked Notes due 2032 and USD 300 million of 8.250% Senior Sustainability-Linked Notes due 2037. The notes were issued pursuant to Rule 144A and Regulation S.
The Sustainability-Linked Notes are reported to have among the strongest relevant ESG terms of any international bond. An independent authority needs to certify compliance with the sustainability performance targets in order to avoid an interest rate step-up. J.P. Morgan acted as the Sustainability-Linked Bond Structuring Agent.
Transactional Practice Group partners Mike Fitzgerald, Arturo Carrillo, Joy Gallup and Steven Sandretto led the Baker McKenzie team, which also included associates Alejandra Cuadra, Carolina Gonzalez and Michelle Pfeffer.
Other law firms participating in this transaction included Holland & Knight (as Fibra Uno’s US and Mexican counsel) and Mijares (as initial purchasers' Mexican counsel).
Baker McKenzie lawyers have been involved in all of Fibra Uno’s international debt and equity offerings, including representing the initial purchasers in Fibra Uno’s historic IPO in 2011, its initial follow-on offering in 2012, subsequent follow-on offerings in 2013, 2014 and 2017 and international debt offerings in 2014, 2015, 2016, 2019, 2020, 2021 and 2024. After its IPO, Fibra Uno became the very first Real Estate Investment Trust (REIT) in Latin America and the first Mexican REIT to be utilized in the wake of a comprehensive legal overhaul in Mexico that created the “FIBRA,” a new Mexican investment vehicle, which bears many similarities to the U.S. REIT. Baker McKenzie lawyers, using their strong real estate and Latin American franchises, have worked on almost all of the international FIBRA transactions concluded to date.