In recent years, the Firm’s active Latin American practice has included substantial participation in a wide range of debt and equity offerings and other financings of Latin American companies in the U.S. and European capital markets. This experience involves the representation of underwriters and governmental and private issuers operating across a broad spectrum of business sectors, including banking, communications, shipping and manufacturing. Examples of this practice include:

• Representation of CTI Holdings S.A. in a US$262,848,000 Rule 144A and Regulation S issuance of Senior Deferred Coupon Notes and subsequent SEC-registered exchange offer.
• Representation of Transportación Ferroviaria Mexicana, S.A. de C.V. in the financing of its US$1.4 billion privatization bid to purchase an 80% interest in the Northeast Railway System in Mexico.
• Representation of Telecomunicaciones de Puerto Rico, Inc., an indirect subsidiary of GTE Corporation and Popular, Inc., in the private placement of three series of Senior Notes in the aggregate amount of US$1,000,000,000.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a US$1,000,000,000 Euro Medium-Term Note Program, with Merrill Lynch International Limited as arranger.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a US$2,500,000,000 Multicurrency Global Commercial Paper Program, with Lehman Brothers International Limited as arranger.
• Representation of Banco Nacional de Obras y Servicios Públicos, S.N.C. in a registered US$200,000,000 Yankee bond offering, with Morgan Stanley & Co. Incorporated as lead underwriter.
• Representation of Gruma, S.A. de C.V. in obtaining a US$200,000,000 three-year term loan from a syndicate of banks, with Chase Securities Inc. as book manager and arranger.
• Representation of Petroleós Mexicanos in connection with the project financing for the upgrade of its Madero refinery totaling in excess of US$1.6 billion, and the project financing for the upgrade of its Cadereyta refinery totaling in excess of US$1.5 billion.
• Representation of Comisión Federal de Electricidad in connection with project financing relating to independent power plants, build, lease and transfer transactions involving power plants, transmission lines and substations, and build, own and operate transactions involving natural gas pipelines.
• Representation of CTI Compañía de Teléfonos del Interior S.A. of Argentina in connection with a US$500,000,000 project financing consisting of four facilities with Citibank N.A. as arranger, including syndicated loans with political risk guarantees issued by the Overseas Private Investment Corporation (OPIC) and the Export-Import Bank of the United States, publicly issued certificates of participation in an OPIC comprehensive guaranteed loan and a direct loan from the Export Finance and Insurance Corporation of Australia.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a 100,000,000 Deutsche Mark offering, with Schweizerischer Bankverein (Deutschland) AG as lead manager.
• Representation of Avantel S.A. in connection with a US$285,698,133 bank credit facility guaranteed by the Export-Import Bank of the United States and a US$175,000,000 credit facility with Export Development Corporation of Canada.
• Representation of Bancomer, S.A. as depositary bank in a Sidek International Finance N.V. US$50,000,000 Euronote offering.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a US$100,000,000 Euronote offering, with Goldman Sachs International Limited as lead underwriter.
• Representation of Gruma, S.A. de C.V. in a US$250,000,000 Euro/Rule 144A offering with Lehman Brothers as lead purchaser.
• Representation of Transportación Marítima Mexicana, S.A. de C.V. and Grupo Servia, S.A. de C.V. in an international secondary offering of 7,033,096 American Depositary Shares and 1,709,800 Series L Shares under Regulation S and Rule 144A, with Bear, Stearns & Co. Inc. as manager.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a Canadian $60,000,000 Euronote offering, with Bankers Trust International Plc as lead manager.
• Representation of Transportación Marítima Mexicana, S.A. de C.V. in a registered US$200 million Yankee bond offering, with Morgan Stanley & Co. Incorporated as lead underwriter.
• Representation of P.M.I. Comercio Internacional, S.A. de C.V. in Petróleos Mexicanos’ US$275,000,000 securitized commercial paper program.
• Representation of Transportación Marítima Mexicana, S.A. de C.V. in initial public offering of 2,045,454 units, each consisting of 3 CPO ADSs and 1 L Share ADS, and concurrent exchange offer for outstanding Rule 144A ADSs.
• Representation of Aracruz Celulose S.A. in a US$150,000,000 Euro Medium-Term Note Program, with Internationale Nederlanden Bank N.V. as dealer.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a US$2,500,000,000 Euro Medium-Term Note Program, with Merrill Lynch International Limited as arranger.
• Representation of Transportación Marítima Mexicana, S.A. de C.V. in a US$200,000,000 Euro Medium-Term Note Program, with Chase Investment Bank Ltd. as arranger.
• Representation of Santander Investment Bank Limited as arranger in a US$50,000,000 Euro Medium-Term Note Program of Banco Icatu, S.A.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a US$150,000,000 Euronote offering, with Swiss Bank Corporation as lead manager.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a 200,000,000 Deutsche Mark offering, with Bayerische Landesbank Girozentrale and Salomon Brothers AG as lead managers.
• Representation of Transportación Marítima Mexicana, S.A. de C.V. in a registered US$200,000,000 Yankee bond offering, with Bear, Stearns & Co. Inc. and Goldman Sachs & Co. as lead underwriters.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in Mexican Ps.10,000,000,000 offering, with Banco Santander de Negocios, S.A. as lead underwriter.
• Representation of Aracruz Celulose S.A. in a US$80,000,000 Euronote offering, with Credit Suisse First Boston Limited as lead manager.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a registered US$250,000,000 Yankee bond offering, with Merrill Lynch & Co. as lead underwriter.
• Representation of Santander Investment Bank Limited as lead underwriter in a US$150,000,000 Euronote offering by Banca Cremi, S.A.
• Representation of Servicios Financieros Quadrum, S.A. as special tax counsel in initial public offering of 3,110,636 ADSs.
• Representation of Bear, Stearns & Co. Inc. as underwriter in a US$41,250,000 ADS offering for Grupo Radio Centro, S.A. de C.V.
• Representation of Banco Nacional de Obras y Servicios Públicos, S.N.C. in a US$100,000,000 Euronote offering, with CS First Boston as lead underwriter.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a £75,000,000 Euronote offering, with Samuel Montague & Co., Limited as lead underwriter.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a registered US$500,000,000 Medium-Term Note Program, with Goldman Sachs as arranger.
• Representation of Petróleos Mexicanos in connection with a U.S.$1 billion revolving credit facility from a syndicate of banks, with The Chase Manhattan Bank as administrative agent.
• Representation of Petróleos Mexicanos and P.M.I. Comercio Internacional, S.A. de C.V. in connection with a U.S.$650,000,000 trade-related acceptance credit agreement, with ABN Amro Bank N.V. as arranger.
• Representation of Transportación Marítima Mexicana, S.A. de C.V. in a registered US$150,000,000 Yankee bond offering, with Bear, Stearns & Co. Inc. as lead underwriter.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a registered US$100,000,000 Yankee bond offering, with Goldman Sachs as lead underwriter.
• Representation of Compañía Sud Americana de Vapores S.A. in a US$100,000,000 Euronote offering, with Citibank International plc as lead underwriter.
• Representation of Santander Investment Bank Limited in a US$50,000,000 Euronote offering by Instituto Costarricense de Electricidad.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a US$1,000,000,000 global offering, with Goldman Sachs and Merrill Lynch & Co. as co-lead underwriters.
• Representation of Bursamex, Inc. as manager in a US$25,000,000 Euronote offering by Accel, S.A. de C.V.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a US$250,000,000 Euronote offering, with J.P. Morgan Securities Ltd. as lead underwriter.
• Representation of Banco Nacional de Comercio Exterior, S.N.C. in a US$200,000,000 pre-export financing facility with Mitsubishi Corporation, Marubeni Corporation, C. Itoh & Co., Ltd. and Sumitomo Corporation.
• Representation of The Sumitomo Bank Ltd., New York branch, as agent in a US$350,000,000 revolving credit agreement with Ford Motor Co., S.A. de C.V.
• Representation of P.M.I. Comercio Internacional, S.A. de C.V. in Petróleos Mexicanos’ US$2,500,000,000 bankers’ acceptances transaction.
• Representation of Banco Nacional de México, S.A. in a US$218,236,500 Export-Import Bank-guaranteed facility for Comisión Federal de Electricidad, with Bank of America NT&SA as arranger.
• Representation of Banco Nacional de México, S.A. in a US$12,250,000 financing for sale-leaseback of aircraft for Aerovias de Mexico, S.A. de C.V.
• Representation of Banco Nacional de México, S.A. in a US$18,925,000 financing for subsidiary’s purchase of aircraft.
• Representation of P.M.I. Comercio Internacional, S.A. de C.V. in the Petróleos Mexicanos and PMI US$500,000,000 Acceptance Credit Agreement, with Morgan Guaranty Trust Company of New York as agent.
• Representation of Bear, Stearns & Co. Inc., S.G. Warburg & Co. Inc., Oppenheimer & Co., Inc., Smith Barney Inc. and their respective non-U.S. affiliates in a global offering of approximately US$108,000,000 in ADSs of Banpais, S.A., Institución de Banca Múltiple and Grupo Financiero Asemex Banpais.
• Representation of Corporación GEO, S.A. de C.V. in global offering of approximately US$59,000,000 in ADSs and GDSs under Rule 144A and Regulation S, with Goldman, Sachs & Co. as global coordinator.
• Representation of Petróleos Mexicanos in connection with a U.S.$86,654,294 bank credit facility guaranteed by the Export-Import Bank of the United States.
• Representation of Petróleos Mexicanos in connection with export credit agency financings from several source countries, including Canada, Japan and Norway.