Santamarina y Steta has advised Promotora Empresarial del Norte, on a revolving long-term debt bonds program and its first issuance.
Promotora Empresarial del Norte is a financial subsidiary of the Hema Group, a diversified conglomerate that manages restaurant chains, manufactures and markets equipment and machinery, real estate developments, and financial services in Mexico.
On March 12th the program was authorized by the National Banking and Securities Commission for a total of $29.5m and the program’s first issuance for a total of $15m.
Representation included obtaining the corresponding authorization from the National Banking and Securities Commission as well as the approval of the Mexican Stock Exchange and the Mexican Central Securities Custodian.
This is the first time that Promotora Empresarial del Norte has listed securities on the Mexican stock market, because of the current high level of uncertainty which the Mexican market is facing due to the current political situation in the country, with presidential elections to be held in July.
Santamarina y Steta, led by partner Sergio Chagoya Diaz and associate Elias Zaga Belzer, served as external legal counsel of Promotora Empresarial del Norte.