Milbank, Tweed, Hadley & McCloy LLP served as legal advisor to Banca Mifel, S.A., Institución de Banca Múltiple, Grupo Financiero Mifel (“Banca Mifel”) in connection with its offering of $150 million aggregate principal amount of its 9.750% Fixed Rate Cumulative Subordinated Preferred Notes.
Banca Mifel will apply the proceeds of the issuance to redeem its outstanding 11.00% Perpetual Non-Cumulative Subordinated Non-Preferred Callable Notes on the earliest date permitted, which is July 25, 2012 (the “Existing Notes”). The remaining proceeds will be used for general corporate purposes, including providing additional long-term capital to fund the opening of new branches, supporting lending portfolio growth and increasing base capital.
According to Marcelo Mottesi, the head of Milbank’s Global Securities Group, “Milbank has had a very strong practice in Mexico for decades, and this transaction is the latest. We continue to be extremely busy in Mexico across many practice areas, and expect that to continue in the future.”
The Milbank deal team included Marcelo Mottesi, head of the firm’s Global Securities Group, along with Securities senior associate Ana Bast and international attorney Hernando Becerra.
