Miguel Yturbe Redo

Miguel Yturbe Redo

Shareholder

Miguel Yturbe Redo focuses his practice on advising and representing clients in connection with Mexican and Latin American infrastructure projects, banking and finance, capital markets, and general corporate matters. Miguel is experienced in representing lenders and borrowers in a wide range of financial transactions, including domestic and cross-border securities offerings, as well as corporate, acquisition and project finance matters. Similarly, he participates in private and public company purchase and sale operations, joint ventures and association agreements.

Areas of Concentration

  • Capital markets
  • Mergers and acquisitions
  • Banking and finance
  • Project finance

Capabilities

Experience

  • Representation of ION Financiera, S.A.P.I. de C.V., SOFOM, E.R. in the establishment of a Mexican commercial paper program for a total amount of MXN$200 million and their first debt issuance in the Mexican Stock Exchange.
  • Participated as counsel to Red de Carreteras de Occidente, S.A.B. de C.V. (RCO), one of the largest toll road concessionaires in Mexico and subsidiary of Goldman Sachs Infrastructure Partners (GSIP) and Mexican developer Empresas ICA, S.A.B. de C.V., in its issuance of MXN 7.5 billion (approximately US$580 million) 9.00% Senior Secured Notes due 2028 under Rule 144A/Regulation S of the US Securities Act of 1933. This was a paramount transaction as one of the first project-backed, MXN-denominated debt offerings outside of Mexico.
  • Participated as counsel to two subsidiaries of Empresas ICA, S.A.B. de C.V. (NYSE: ICA) holding contracts with the Mexican government for the construction, maintenance, operation and exploitation of two federal toll roads on the shelf registration of preferred bonds for an aggregate amount of MXN$10 billion and the first two offerings thereunder for an aggregate amount of approximately MXN$ 4 billion represented by bonds denominated in inflation-linked units (UDIs). The deal is considered a ground breaking transaction since it is the first bond offering that captures different risks through a same issuing trust which, at the same time, isolates the underlying assets backing-up the different series of bonds issued by such trust. In this particular case, the issuing trust captured (i) cash flows paid by the federal government under a P3 agreement; and (ii) toll road fees paid by toll-road users under two government concession titles, and issued two series of preferred bonds each backed by one of the aforementioned assets. Likewise, participated issuance of 30-year, 8.52% subordinated bonds, denominated in inflation-linked units (UDIs), for an aggregate amount of MXN$1.75 billion.
  • Participated as counsel to Red Estatal de Autopistas (REA), a decentralized agency of the Mexican State of Nuevo León in charge of the operation and maintenance of the State’s road infrastructure, in the offering of long term trust bonds (certificados bursátiles fiduciarios de largo plazo) for an aggregate amount of MXN2.5 billion (approximately US$200 million) secured by flows from the operation of the Monterrey-Cadereyta toll road.
  • Participated as counsel to the Kantunil-Cancún toll-road concessionaire in its US$350 million debt refinancing via a public securities offering. Morgan Stanley, BBVA, HSBC and Inbursa acted as placement agents.
  • Participated as counsel to MBIA Inc. in, among others:
    • The process leading to the licensing of its Mexican subsidiary, the first financial guaranty insurer (monoline) in Mexico; 
    • The underwriting of its first Mexican RMBS deal; 
    • The incorporation of other Mexican subsidiaries and the implementation of structured notes programs; 
    • Its reported obligations to the Mexican Stock Exchange; and 
    • Granted three financial guaranty insurance policies to issuances of debt securities performed by trusts for the securitization of Mexican toll road collection rights and launching a MXN5 billion insured infrastructure program in Mexico for the refinancing of the Autopista Mexico - Toluca. The program (known as PADEIM) facilitates and expedites the issuance of MBIA-insured securities for Mexican essential infrastructure projects and services. 
  • Advised Empresas ICA (NYSE: ICA) in its 2007 and 2009 public share offerings in domestic and foreign markets with total proceeds from the placement of approximately US$550 and US$350 million, respectively, as well as in the 2007 financing (US$1 billion) of the "La Yesca" hydroelectric plant with a power generation capacity of 750 MW to be located in the State of Jalisco, Mexico and in the refinancing (US$200 million) of the toll road known as "Corredor Sur," in Panama, in 2005.
  • Advised Merrill Lynch in the issuance of europeso structured notes by the Controladora Comercial Mexicana, one of the largest commercial and food retailers in Mexico and a direct competitor of Wal-Mart (US$271 million in 2007). 
  • Participated as counsel to Empresas ICA, S.A.B. de C.V. in the creation of a joint venture company with CDPQ (Caisse de dépôt et placement du Québec), to create an operational platform that owns the concessions for four of ICA's operational toll roads and highways (Mayab tollroad, Rioverde – Ciudad Valles highway, La Piedad Bypass and the Acapulco Tunnel) worth a combined value of approximately MXN$6,000 million.
  • Participated as counsel to Grupo Biopappel in the acquisition of Scribe. With the acquisition, Biopappel will become the largest paper, pulp and packaging manufacturer in Mexico.
  • Participated as counsel to Macquarie Capital in the sale of the portion held, through several of its funds, in the telecoms towers business formerly operated by Global Tower Partners and the Macquarie Mexican Infrastructure Fund in order to set up Mexico Tower Partners, a joint venture between the Macquarie Mexican Infrastructure Fund and Digital Bridge, which manages more than 550 towers and upon its creation became the second largest independent wireless tower operator in Mexico.
  • Represented one of the largest quick service restaurants in the U.S. in a number of joint ventures and development projects throughout Central America and Mexico.
  • Representation of a Mexican technology company in an unsecured syndicated loan, guaranteed by the borrower's subsidiaries in Mexico, Spain, Colombia and Chile.
  • Participated as counsel to Red Estatal de Autopistas de Nuevo León, a decentralized agency of the Mexican State of Nuevo León in charge of the operation and maintenance of the state’s road infrastructure, in the negotiation and documentation of a MXN1.4 billion (US$110 million) bridge loan to finalize construction works on the Periférico del Área Metropolitana de Monterrey.
  • Advised the Mexican government-appointed mediator in the Mexican concurso reorganization and Chapter 11 proceedings of Satmex in 2006, Mexico's leading satellite services provider.
  • Participated as counsel to Mexican development banks Nacional Financiera, S.N.C. (NAFIN) and Banco Nacional de Obras y Servicios Públicos, S.N.C. (BANOBRAS), the later though the Mexican National infrastructure fund known as FONADIN - Fondo Nacional de Infraestructura, in setting up of a US$1.5 billion a bi-national fund for investments in infrastructure assets in Mexico, as well as in their equity participation as anchor investors therein. The fund is managed by International Finance Corporation (IFC)’s Asset Management Company (AMC).
  • Participated as counsel to Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (BMV: OMA / NASDAQ: OMAB), a public holding company of the concessionaires and operators of 13 domestic and international airports in Mexico and an indirect subsidiary of Empresas ICA, S.A.B. de C.V. (BMV: ICA* / NYSE: ICA) and Aéroports de Paris Management (EN Paris: ADP) in (i) the establishment of OMA’s first commercial paper (certificados bursátiles de corto plazo) program in Mexico for an aggregate amount of MXN$200 million, and (ii) a follow-up offering of 10-year bonds (certificados bursátiles de largo plazo) for MXN1,500 million under a program authorized in 2011.
  • Participated as counsel to the Mexican National Infrastructure fund Fondo Nacional de Infraestructura (FONADIN) in its equity participation in the US$200 million target amount Balam Fund I, L.P., a private equity fund jointly managed by The Rohatyn Group. Other anchor investors included JBIC and the IDB.
  • Participated as counsel to Empresas ICA and subsidiaries in the financing of the construction of, and provision of non-penitentiary services to, two Mexican federal penitentiaries through preferred and subordinated debt offerings for an aggregate amount of approximately US$650 million.
  • Participated as counsel to Overseas Private Investment Corporation and Corporación Andina de Fomento in connection with the 2010 US$306 million securitization of certain revenues of the public registry of property administered by IFREM (Instituto de la Función Registral del Estado de Mexico), an institute created by the State of Mexico.

Some of the above representations were handled by Mr. Yturbe prior to his joining Greenberg Traurig, S.C.

Recognition & Leadership

  • Member, Winning Team, IJGlobal Americas’ Awards, “Latin American Project Bond Deal of the Year,” 2014
  • Member, Winning Team, Acquisition International magazine, "Overall Law Firm of the Year – Mexico," 2013
  • Member, Winning Team, Acquisition International magazine, "Most Trusted Law Firm of the Year – Mexico," 2013
  • Member, Winning Team, DealMakers, Law Firm of the Year - Mergers & Acquisitions - Mexico," 2012-2013
  • Selected, Winning Team, Euromoney, "Deal of the Year - Project Finance" Award, 2012
  • Member, American Bar Association
  • Member, International Bar Association
  • Member, New York State Bar Association

Credentials

Education
  • LL.M., University of Chicago Law School, 2011
  • J.D., Instituto Tecnológico Autónomo de México (ITAM), 2006
Admissions
  • New York
  • Mexico
Languages
  • Spanish, Native
  • English, Fluent