White & Case advises Banorte on its issuance of US$1.35 billion in tier 1 capital notes

Global law firm White & Case LLP has advised Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte (Banorte), acting through its Cayman Islands Branch, on the issuance of (i) US$600 million of 8.000 percent perpetual 6.5-year callable subordinated non-preferred non-cumulative tier 1 capital notes and (ii) US$750 million of 8.450 percent perpetual 10-year callable subordinated non-preferred non-cumulative tier 1 capital notes, for an aggregate deal size of US$1.35 billion.

Banorte is one of the largest financial groups in Mexico and the largest financial group controlled by Mexican investors. Through its subsidiaries, Banorte offers a wide range of banking, insurance, annuities, and retirement savings products and services, serving more than 12.7 million clients across Mexico.

The notes were offered in the international markets in reliance on Rule 144A and Regulation S under the US Securities Act of 1933, and are expected to be listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

The White & Case team was led by partners John Vetterli (New York), Eduardo Flores Herrera, Carlos Mainero Ruiz and Simón Micha Kurc (all in Mexico City); with counsel Henrikki Harsu (New York); and associates Alonso Arellano, Luis Maya and Fernanda Ramírez Hurtado (all in Mexico City).

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