Manuel Silva’s practice focuses on cross-border transactions, principally in Latin America.

He regularly represents Latin American corporations and state-owned entities in financing, capital markets, liability management, mergers and acquisitions, and corporate and sovereign debt restructurings across the region.

Manuel has substantial experience in a broad spectrum of industries including natural resources, consumer products, retail, and infrastructure. His approach to matters is multifaceted and multidisciplinary, providing creative and actionable solutions to his clients.

He has been recognized as a “Next Generation Partner” by The Legal 500 Latin America for the last three years.

Manuel joined the firm in 2012 and became a partner in 2020.

Notable Experiences

Recent experience in finance, capital markets, liability management transactions, and debt restructuring includes advising:

  • Citigroup, as dealer manager and solicitation agent, in the Republic of Ecuador’s successful $17.4 billion sovereign debt restructuring.

  • PEMEX in their international financing transactions, including landmark debt and equity capital markets and liability management transactions, including Pemex and its subsidiary P.M.I., in a $9.2 billion refinancing of their existing bank debt.

  • Petrobras in numerous international financing transactions, including in its SEC-registered and 144A/ Reg S bond offerings and liability management transactions totaling over $52 billion.

  • The Mexican Government in the financing for the construction and development of the proposed new Mexico City international airport, including a $1 billion term loan facility, a $3 billion revolving credit facility (reported as the largest syndicated revolving facility in Latin America), $6 billion international notes offerings (reported as the largest green notes offerings in Latin America), and a $1.6 billion offering of Fibra E certificates on the Mexican Stock Exchange, as well as subsequent tender offers and consent solicitations to repay a portion of the outstanding debt.

  • Four airport groups in Mexico, including the Mexico City Airport Group (GACM), the Pacific Airport Group (GAP), the Southeast Airport Group (ASUR), and the Central North Airport Group (OMA), in their capacities as trade creditors in the voluntary reorganization and restructuring of Grupo Aeromexico’s debt under Chapter 11 protection in the United States.

  • Mexico Infrastructure Partners in its landmark secured financing for the $6.2 billion acquisition of 13 power plants in Mexico.

  • Vitro in $100 Million Term Loan With ING.

  • BVA México, Banco Santander México, and Scotiabank, as joint lead arrangers and joint bookrunners, in the refinancing of the existing bank debt of Grupo Televisa.

  • CFE, the Mexican state-owned electric company, in its inaugural offer to purchase six series of its outstanding debt securities in exchange for cash, as well as its $1.75 billion sustainable bonds offering.

  • The Republic of Guatemala in its $500 million offering.

  • Deutsche Bank AG, as offeror, and Deutsche Bank Securities, as dealer manager, in a $1 billion tender offer.

  • Aerodrome, an indirect wholly owned subsidiary of Fintech Holdings, and certain of its affiliates in a Ps. 6.2 billion margin facility.

  • Grupo GICSA in bank finance and capital markets transactions including its Ps.12 billion structured finance transaction involving seven shopping centers and two corporate office buildings located in Mexico.

  • The solicitation agent in the Province of Salta’s successful sovereign debt restructuring.

  • Citi, as solicitation agent, in a successful consent solicitation by Andrade Gutierrez.

  • Regularly advises the largest public and private sector Mexican corporates on their international capital markets and financing transactions, including:

    • Aeroméxico’s $400 million debut bond offering;
    • Alpek’s $600 million Rule 144/Reg S bond offering;
    • América Móvil in its Ps.17.5 billion SEC-registered offering;
    • Banco Inbursa’s $750 million bond offering;
    • CEMEX in capital markets transactions totaling over $20 billion including a recent $1 billion bond offering;
    • Coca-Cola FEMSA in international capital markets transactions including a recent $705 million green bond offering and a $1.25 billion SEC-registered debt offering and concurrent liability management transaction;
    • Fresnillo in its $850 million notes offering and its concurrent liability management transaction;
    • Corporación GEO’s $250 million bond offering;
    • Industrias Peñoles in its $600 million international bond offering and in international notes offerings totaling $1.7 billion;
    • Grupo Bimbo’s $800 million inaugural bond offering;
    • Orbia in its $1.1 billion inaugural sustainability-linked bond offering, and its $328 million cash tender offers;
    • Sigma Alimentos’ $1 billion bond offering; and
    • Unifin in various capital markets transactions including recent notes offerings totaling $650million.
  • The initial purchasers in debt capital markets offerings by various corporates and state-owned entities, including in Alpek’s $600 million bond offering, Mega’s $150 million bond offering, Bimbo Bakeries USA’s $600 million bond offering, Nemak’s €500 million sustainability-linked bond offering and in Metalsa’s $300 billion bond offering, and the dealer managers and solicitation agents in its cash tender offer and consent solicitations.

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Recent experience in equity capital markets includes advising:

  • Petrobras in the $5.2 billion and $1.9 billion secondary offerings of Petrobras’ common shares, including common shares represented by American depositary shares, by BNDES and Caixa.

  • The underwriters in several registered offerings by The Bank of New York Mellon, totaling more than $10 billion.

  • The underwriters in several secondary offerings by JELD-WEN, totaling more than $500 million.

  • In more than $3 billion in Mexican IPOs since October 2012, including:

    • Unifin Financiera’s $240 million Rule 144A/Reg S global IPO;
    • Grupo Rotoplas’ $260 million Rule 144A/ Reg S global IPO;
    • Grupo Mexico Transportes’ $869 million Rule 144A/ Reg S IPO;
    • Grupo GICSA’s $420 million Rule 144A/Reg S global IPO;
    • Grupo Sanborns’ $825 million Rule 144A/ Reg S global IPO;
    • Grupo Financiero Interacciones’ $282 million Rule 144A/ Reg S primary and secondary equity offerings;
    • Organización Cultiba in its $310 million IPO;
    • Mexichem’s $1.2 billion Rule 144/ Reg S debut equity offering; and
    • Vista Oil & Gas in its SEC-registered IPO.
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Recent experience in mergers and acquisitions includes advising:

  • Fintech Holdings in the acquisition of a 15% equity interest in Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (OMA) through public tender offers in the United States and Mexico.

  • Fintech Holdings in the $819 million subsequent sale of its 29.99% equity interest in OMA to VINCI Airports.  The sale was conducted through a competitive bidding process.

  • Fintech and certain of its affiliates in the sale of 100% of their equity interest in Servicios de Tecnología Aeroportuaria and Aerodrome Infrastructure S.à r.l. to CONCESSOC 31 SAS, a wholly owned subsidiary of VINCI Airports, for $1.17 billion.

  • Goldman Sachs, as financial advisors to Grupo Financiero Banorte, in connection with Banorte’s $1.4 billion acquisition of Grupo Financiero Interacciones.

  • The Coca-Cola Company and Coca-Cola FEMSA in the recent sale of their Panama-based joint venture, Estrella Azul, to Panama Dairy Ventures.

  • Highstar Capital and its portfolio company, MTC Holdings, in connection with the sale of a multimodal terminal facility and logistics services business in Toluca, Mexico.

  • Coca-Cola FEMSA in the sale of its 51% stake in Coca-Cola Philippines to The Coca-Cola Company.

  • BestDay and its shareholders in the sale of a 100% stake in the Mexican travel agency company to Despegar for $136 million.

  • Antofagasta Minerals in the sale of its interest in the El Arrayán Wind Farm in Chile.

  • Vitro in its $750 million acquisition of PPG Industries’ automotive flat glass business and its $310 million acquisition of Pittsburgh Glass Works.

  • FEMSA in the $2.5 billion sale of a 5.2% of the combined interest in the Heineken Group to institutional investors.

  • The financial advisors to Grupo Financiero Banorte, in connection with Banorte’s $1.4 billion acquisition of Grupo Financiero Interacciones.

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