Inbursa Takes $300m MLA Ticket for FARAC

Mexico’s Banco Inbursa is the first MLA to join the group of lenders to the first FARAC project, being run by ICA and Goldman Sachs Infrastructure Partners (GSIP), say executives close to the process. The bank signed up for a ticket of $300m equivalent in pesos, and is expected to be followed by up to three more banks by the close of business Wednesday. The $3.1bn 7-year acquisition facility is pushing the limits of peso-denominated lending in Mexico, forcing foreign banks to come up with innovative ways of obtaining the necessary funds to participate. Domestic banks with sufficient balance sheet are naturally leading candidates for participation. Leads on the syndication Santander, Dexia and NordLB are hopeful they will get enough MLAs to be able to reduce participants’ holds closer to $200m.