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TORRE VIRREYES, PEDREGAL 24, 24TH FLOOR, COL. MOLINO DEL REY, MEXICO CITY, 11040, MEXICO
Tel:
Work +52 55 4748 0600
Fax:
Fax +52 55 4748 0690
Email:
Web:
www.creel.mx
Mexico City, Monterrey

Pedro Velasco

Tel:
Work +52 (55) 4748 0622
Email:
Web:
www.creel.mx
Creel, García-Cuéllar, Aiza y Enríquez, S.C.

Work Department

Banking and Finance, Bankruptcy and Restructurings and Capital Markets

Position

Pedro Velasco is a partner in the Mexico, City office, where he specializes in Banking & Finance, Bankruptcy & Restructurings and Capital Markets.

He represents domestic and foreign financial institutions (including many of the major local and foreign banks), as well as corporate borrowers (including numerous private equity funds), in a wide range of secured and unsecured financings, across several industries. Mr. Velasco’s expertise includes: commercial financings, acquisition financings, real estate financings, ship financings and project finance. On the bankruptcy and restructurings arena, he represents creditors and debtors on all non-litigation aspects of complex bankruptcy and out-of-bankruptcy restructurings. His capital markets expertise includes varied cross-border debt offerings.

Mr. Velasco has been ranked as leader in Banking and Finance by many publications, including: Chambers Global: The World´s Leading Lawyers for Business, Chambers Latin America: Latin America´s Leading Lawyers for Business, The Legal 500, IFLR 1000, Latin Lawyer 250: Latin America´s Leading Business Law Firms, and Latin American Corporate Counsel Association.

Career

Mr. Velasco worked as Foreign Associate in the Los Angeles office of Latham and Watkins LLP in 2001 and 2002.

Languages

Spanish and English.

Member

Mr. Velasco is a member of the International Bar Association (IBA).

Education

Mr. Velasco obtained his law degree (JD) from the Universidad Iberoamericana in 1999 with honors (academic excellence) and his LL.M degree in International Banking and Financial Law from Boston University School of Law in 2001.


Mexico

Banking and finance

Within: Leading lawyers

Pedro Velasco - Creel, García-Cuéllar, Aiza y Enríquez, S.C.

Within: Banking and finance

Historically focused on representing lenders, although increasingly active in assisting borrowers, the banking and finance practice at Creel, García-Cuéllar, Aiza y Enríquez, S.C. gives clients a ‘superlative’ service, with ‘immediate responses and deep specific know-how’. The firm is ‘expensive, but worth it’. The 33-strong team is the first port of call for large-scale, complex financing mandates, including syndicated loans, corporate financing, energy financing, real estate financing and transport financing (shipping and aviation). Carlos Aiza leads the team, acting mainly as a rainmaker; he is valued by clients for being ‘a strong strategist, with a profound knowledge that he is constantly updating’. Client and peer favourite Pedro Velasco had an active year, leading teams that advised Citibank, as agent, on a $284m financing; Crédit Agricole Corporate and Investment Bank, as administrative and collateral agent, on an $810m multi-jurisdiction secured syndicated financing in favour of McDermott International; and BBVA Bancomer, Goldman Sachs (USA) and Morgan Stanley Senior Funding, as arrangers, on a $400m super senior revolving credit facility granted to Atento. Giovanni Ramírez Garrido acted as counsel to Southern Cross Group subsidiary Tars Holding, as borrower, on a MXN$1.25bn syndicated financing for refinancing of existing debt and other corporate purposes; and Santander, as lender, administrative agent and security agent, on a MXN$2.26bn syndicated financing by several banks and other financial institutions in favour of Invercap Service Management. Lauded by clients for his ‘deep expertise and good client service’, Rodrigo Castelazo led a team that counselled Crédit Suisse (Cayman Islands branch) as collateral agent, administrative agent and lead arranger on a $42m credit to International Tug for the acquisition of vessels. Key support comes from Mercedes Haddad A, and associates Victor Gallegos and Emilio Aarun. Associate Andrés Barrosov is also noted. Eduardo Flores Herrera joined the firm as a partner in July 2017, having previously been Vice-President for Securities Oversight at the National Banking and Securities Commission; as did Iker Arriola (a specialist in development and financing of energy and infrastructure projects) and José Ignacio Segura (who has a specialisation in project finance and PPPs) in March 2018 from White & Case S.C.. Lender side clients include Banco Sabadell, Banco del Bajío, Bank of America, Barclays, Commerzbank, Deutsche Bank, HSBC, Inter-American Development Bank, Scotiabank and UBS; and, on the borrower side, Blackstone, BlackRock, FINSA, Grupo Lala, Grupo Mexico, Mexico Retail Properties, Prudential Real Estate Investors, and Walton Street Capital.

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Bankruptcy and restructuring

Within: Bankruptcy and restructuring

At Creel, García-Cuéllar, Aiza y Enríquez, S.C., the bankruptcy and restructuring practice draws on its leading banking and finance expertise to assist clients (creditors and debtors) on all non-litigious aspects of corporate recovery, insolvency, restructurings and workouts. The team of four partners and five associates has been present on some of the more relevant bankruptcy and restructuring cases of the last years, including those that affected the home ownership sector in Mexico, namely assisting Credit Suisse as creditor in the restructuring of Urbi Desarrollos Urbanos and its subsidiaries; Deutsche Bank in connection with the recognition and workout of its claim against major Mexican mortgage originator, Metrofinanciera; and the IDB regarding the renegotiation of its partial credit guarantee under the pre-pack bankruptcy proceeding initiated by Metrofinanciera. The practice group continues to act as counsel to Banorte and GEO on the restructuring of the housing developer’s debt with the bank, including a potential corporate restructuring of GEO. The case was led by practice head Carlos Aiza and Pedro Velasco; both also handle banking and finance and capital markets matters. Rodrigo Castelazo and senior associate Emilio Aarun continued to advise the bond-holders in the restructuring of $100m-worth of medium term notes issued by Arendal; the case was a cross-border restructuring of NY law-governed notes issued by a Mexican company in the context of a potential bankruptcy of the client. Velasco worked on two of the firm’s other highlight cases (assisted by Aarun in the first instance), one involving the restructuring of a loan in the real estate sector within the context of the bankruptcy of a developer, and another a complex cross-border restructuring of a credit agreement between several entities. Key partner Mercedes Haddad is also part of the team; and Iker Arriola joined the firm from White & Case S.C. in early 2018. His practice covers banking and finance, capital markets, corporate and M&A, restructuring and real estate. Clients include Credit Suisse, Credit Suisse (Cayman Islands Branch), ING Wholesale Banking, Actinver Wealth Management, Invex, CI Banco, Novo Banco, Mercantile Cap Advisors, Apollo Management Singapore, Mexico Retail Properties, and CSE Mortgage LLC/Capital Source (a division of Pacific Western Bank).

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Capital markets

Within: Capital markets

Market opinion indicates Creel, García-Cuéllar, Aiza y Enríquez, S.C. is at the spearhead of capital markets practice. Clients agree that the firm is ‘excellent’ in this sector, and that it brings together experts who are able to cover any concerns that may arise. The practice group stands out for its sheer size (36 lawyers, of whom eight are partners) and for the fact that it consistently acts on innovative and first-of-their-kind deals. In recent examples of this, practice head Carlos Aiza and Carlos Zamarrón assisted Riverstone and Vista Oil and Gas in the first IPO of a Special Purpose Acquisition Company (SPAC) in Mexico and Latin America, raising $650m; Aiza and Mercedes Haddad assisted FIBRA Terrafina with the first equity shelf registration programme, and the first follow-on public offering under said programme by a Mexican issuer, which raised $290m; and Aiza and Rodrigo Castelazo acted for FIBRAVIA on the first rights offering by a Fibra E, which raised MXN$4.1bn (following advice given to Pinfra on the IPO of FIBRAVIA, Mexico’s first energy and infrastructure investment trust). Moreover, Zamarrón assisted Credit Suisse with structuring the first publicly listed commercial real estate lending platform, which raised MXN$5.76bn and was listed as a CKD; as well as Mexico Tower Partners with the structuring, negotiation and implementation of the first securitisation of cell phone towers in Mexico, valued at $115m; and Castelazo advised the initial purchasers on a global offering of senior unsecured notes by Infraestructura Energética Nova, consisting of a simultaneous public offering in Mexico and private placement under rule 144A/Reg S outside of Mexico and including a Singapore listing; as well as Credit Suisse, Banorte Ixa and BBVA Bancomer, as lead Mexican Underwriters on a private placement and subsequent follow-on public offering in Mexico and international placement of shares by RLH Properties, for a total amount of $318m. Name partner Jean Michel Enríquez, Giovanni Ramirez Garrido, Pedro Velasco and Jorge Montaño are also active in the practice. Iker Arriola joined the firm in early 2018 from White & Case S.C.; his practice covers capital markets, banking and finance, corporate and M&A, restructuring and real estate. Other clients include Bank of America, Barclays, Citibanamex, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Blackrock, Blackstone, CKD Infraestructura México, Macquarie, Mexico Retail Properties, Prudential Real Estate Investors, and Walton Street Capital.

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