MEXICO CITY – July 06, 2022 – Attorneys from global law firm Greenberg Traurig’s Mexico City Office advised Banco Azteca (BAZ) in a syndicated loan to Conservadora Mexiquense de Caminos del Sur (Conservadora) for the rehabilitation and conservation of 1,637 kilometers of roads and highways in the State of Mexico through a Public Private Partnership (PPP).
The loan, for MXN$4.47 billion pesos (approximately USD$224 million), is divided into several tranches. Conservadora is to receive payments under the PPP by the State of Mexico for the execution of the rehabilitation project. The loan’s collateral package includes a percentage of the resources that the State of Mexico receives from Tax on Expenditures for Remuneration for Personal Work (Impuesto Sobre Erogaciones al Trabajo Personal (ISRTP)).
The Greenberg Traurig team advising BAZ was led by Infrastructure and Finance Shareholder Rodrigo Orozco Waters and Associate Edgar Fernando Orozco Ceballos. Orozco Waters mentioned in a statement “The Mexican market has seen a slowdown in PPP structures in recent years, we are pleased to advice Banco Azteca in the financing of this strategic project”.