Jorge Labastida is a partner in the Finance Practice Group at Haynes and Boone, SC in Mexico City. Labastida focuses his practice on asset-backed and structured cross-border finance, project finance and real estate finance, including securitizations, multi-jurisdictional tax-advantaged finance and structured leasing. He also specializes in trustee and bondholder agent representation, and handles work relating to derivatives, treasury products, restructurings, workouts, M&A and private equity transactions.
Labastida is ranked among the top lawyers in Mexico by Chambers and Partners in Banking and Finance (Band 2) and Capital Markets (Band 2), 2012-2013. He was the founding partner of the Banking and Finance Practice at banking and finance boutique Bufete Labastida, S.C., and was previously a partner in the Banking and Finance group at Jauregui, Navarrete y Nader, S.C.
Selected Client Representations
Mergers and Acquisitions
- Represented Afore XXI Banorte in its US$1.83 Billion acquisition of Afore Bancomer from Banco Bilbao Vizcaya Argentaria (BBVA).
- Represented WestLB as arranger and lender in the US$210 million true off-balance sheet securitization of CEMEX trade receivables arising from the sale of cement and concrete to more than two thousand clients nationwide.
- Represented a U.S. investment fund as arranger and lender in the securitization of lease receivables payable by two different municipalities of the State of Mexico, backed by junior net municipal participations in federally coordinated and state coordinated municipal funding pools.
- Represented a U.S. investment fund as arranger and lender in the securitization of water treatment plant lease receivables.
- Represented a U.S. investment fund as arranger and lender in a number of securitizations of PEMEX project contract receivables.
- Represented a U.S. investment fund as arranger and lender in a warehouse facility transaction for diversified small business loans.
- Represented a U.S. investment fund as arranger and lender in the securitization of loan receivables payable by the municipality of Atizapán, backed by Fortamun proceeds pre-applied into a multi-project feeder trust and deployable only through the securitization trust.
- Represented WestLB as arranger and lender in the securitization of trade receivables of Compañía Minera Autlán.
- Represented a U.S. investment fund as arranger and lender in the securitization of payroll-deductible consumer loans.
- Represented mortgage loan originators in a number of diverse RMB securitizations and warehouse transactions totaling more than US$600 million, including development bridge loan securitizations funded by lenders such as Deutsche Bank, Dresdner and OPIC.
- Represented the New York branch of a European bank in the establishment of a U.S. “warehouse”-type credit facility for a Mexican mortgage loan company, collateralized with vacation-home loans made to U.S. residents.
Project Finance - Gas
- Represented a subsidiary of Grupo Fermaca in the US$378 million financing, led by The Bank of Tokyo Mitsubishi UFJ, Credit Agricole, ING Capital, Nacional Financiera, Banamex, Banobras and The Bank of Nova Scotia, for the construction, operation and maintenance of a 381-kilometer, gas transmission pipeline for CFE, the Mexican state utility, in the state of Chihuahua.
Project Finance - Power
- Represented the ExIm Bank and the Inter-American Development Bank in the US$360 million financing of the 601-MW Bajío dual fuel, combined cycle, independent power production station project, the first Mexican IPP transaction combining sales to CFE, the state utility, with significant third-party quasi-merchant power sales (named Latin American Merchant Power Deal of the Year 2000 by Project Finance Magazine).
- Represented the Mexican joint venture of Mitsubishi Heavy Industries and EDFI in the US$450 million financing for the construction, operation and maintenance of the 495-MW Altamira II dual fuel, combined cycle independent power production station project (named Latin American Power Deal of the Year 2002 by Project Finance Magazine).
- Represented the Inter-American Development Bank and a group of commercial lenders in the financing of the US$250 million 450-MW Monterrey gas-fired cogeneration merchant power plant to supply power to Vitro, Imsa, Apasco and more than 40 other industrial offtakers.
- Represented the ExIm Bank in the US$100 million financing of the 258-MW Naco Nogales combined cycle independent power production station project.
- Represented the Inter-American Development Bank in the US$300 million bridge financing of the initial 570-MW phase of Iberdrola’s Monterrey III 1,140-MW combined cycle, gas-fired power plant.
- Advised the Inter-American Development Bank with respect to the original sponsor's sale to Tractebel of the 450-MW Monterrey gas-fired cogeneration merchant power plant and offtaker portfolio.
- Represented the ExIm Bank in the proposed US$590 million Altamira III/IV independent power production project sponsored by Iberdrola.
Project Finance - Renewables
- Represented Lusitania Capital, the local financing vehicle of Banco Espirito Santo de Investimento, in the financing of the EPC Contractor of the Aura Solar I project secured by select EPC milestone payments distributable directly from the project loan trust.
Other Structured, Secured and Tax-Enhanced Finance Transactions
- Represented a first tier European bank in its US$400 million tax-enhanced financing of an automobile manufacturing facility in Mexico.
- Represented a U.S. automobile manufacturer in the off-balance sheet refinancing of one of its supplier industrial parks. Viability of the financing and asymmetrical distribution of the upside of the ensuing project liquidity, as well as progressive take-out options, required elaborate agreements with the manufacturer’s real estate development partner.
- Represented a top-10 Fortune 500 company in structuring and deploying its US$200 million Mexico-wide industrial property synthetic lease platform.
- Represented a European bank in its non-recourse financing of several regions of the Mexico-wide Enciclomedia project.
- More than US$500 million of cross-border synthetic lease transactions.
- Represented a foreign investor in a financing backed by receivables arising from privately leased public transport buses and associated passenger transportation revenues and related revenue.
- Represented GATX in the financing of a jack-up drilling platform leased to PEMEX.
- Development of product for Sociedad Hipotecaria Federal, the Mexican government’s mortgage development bank, to lend to construction material microfinance companies.
Real Estate Finance
- Represented a U.S. investment fund in its multi-million dollar financing of two high-end residential projects collectively comprising 680 luxury condominiums in Mexico City.
- Represented a U.S. automobile manufacturer in the approximately US$100 million sale-leaseback of its Mexico City corporate headquarters.
- Involvement in more than US$1 billion of other commercial, industrial and hospitality real estate financings by foreign financial institutions.
- Represented Bank of America Mexico as agent for holders of bonds issued by Controladora Comercial Mexicana, in connection with the financial restructuring of Controladora Comercial Mexicana.
- Represented Bank of America Mexico, as agent for holders of bonds backed by mortgage bridge loan receivables originated by Metrofinanciera, in the financial restructuring of Metrofinanciera.
- Advised a foreign bank with respect to the 2012 Vitro restructuring.
Selected Speeches and Publications
- "Is There a Shift Towards the Capital Markets to Finance Project Assets?" panel moderator, Euromoney Annual Mexican Energy and Infrastructure Finance Forum, June 25, 2013.
- Ranked by Chambers Global 2012-2014 for Banking and Finance: Mexico; and ranked by Chambers Global 2013-2014 for Capital Markets.
- Ranked in Band 2 by Chambers Latin America 2012, 2014 for Banking and Finance: Mexico, where sources describe him as "an important figure in the market, who has a proven ability of advising on highly complex banking and finance matters."
- Ranked in Band 2 by Chambers Latin America 2012, 2014 for Capital Markets: Mexico, where sources describe him as "a creative and highly talented capital markets lawyer."
- Noted by Who's Who Legal for providing "top-notch" counsel in the area of banking in Mexico, 2011.
Selected Representative Experience
Multi-Billion Pension Fund Purchase
Represented Afore XXI in its bid and agreement to acquire Afore Bancomer from Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) for about $1.6 billion. Conducted due diligence, gave regulatory and corporate advice and worked on the Mexican and New York legal aspects of the bid documents and transaction agreements.