Navix Raises $300 Million Energy Fund
Offering provides project finance investments to Mexican pension funds
MEXICO CITY, Dec. 15, 2010 /PRNewswire/ -- Navix de Mexico, S.A. de C.V., SOFOM, E.N.R. ("Navix"), a specialty finance company engaged in structured and project finance, has announced the closing of the Fondo de Inversion en el Sector Energetico ("FISE"), a private debt fund with approximately Ps$4 billion (US$320 million) in net placement proceeds. The FISE, funded through a certificado de capital de desarrollo ("CCD"), enables Mexican pension funds to participate in the underwriting of infrastructure projects undertaken by local contractors. This is the first CCD to focus entirely on debt investments.
The FISE will provide loans to companies operating in Mexico's oil & gas and electricity sector, bridging the financing void that often times prevents local contractors from having a larger share of contract bidding. Navix will co-invest, on a pari passu basis, the equivalent of Ps$1.2 billion (US$100 million).
Gonzalo Gil White, Chief Executive Officer of Navix, said: "Following the launch of the CCD, local services companies in the energy sector will have a real possibility to compete with international service providers."
Mr. Gil White continued, "We feel our platform offers pension funds a unique way to capitalize on the energy sector's growing need for financing complex projects. Furthermore, as the second largest investor in the fund, Navix's interests are clearly aligned with those of our pension fund investors. We are extremely excited about this new partnership."
The government of Mexico, through its state owned energy companies, intends to invest over Ps$4.3 trillion (US$350 billion) in capital expenditures alone over the next 10 years. The FISE will primarily provide financing to contractors on both servicing and construction projects. Projects will include oil and gas pipeline and platform maintenance, drill equipment leasing, marine and inland pipeline installation, logistics support, and civil works.
Navix has established relationships with many of the best performing contractors in Mexico via its financing of previous projects. Navix takes a unique proprietary approach to underwriting contract-linked risk. Navix's management team has executed more than Ps$123.7 billion (US$10 billion) of transactions, with Ps$16.1 billion (US$1.3 billion) in structured finance lending alone. The majority of these transactions have been in the energy sector.
Acciones y Valores Banamex, S.A. de C.V. Casa de Bolsa served as the lead placement agent.
About Navix
Navix de Mexico, S.A. de C.V., SOFOM, E.N.R. ("Navix") is a Mexican specialty finance company formed in 2007. Navix's investors include Axis Capital, Eton Park Capital Management, Stark Investments, and Citigroup Global Markets Realty Corp. Navix provides financing to medium-sized enterprises in Mexico through tailored, innovative debt facilities. Programs include project finance, receivables financing, future flows and inventory financing facilities, as well as structured loans. Navix focuses on the infrastructure and energy sectors as well as specialty financing for payroll and microfinance companies. Navix is headquartered in Mexico City. Navix has 72 employees and offices in Poza Rica, Ciudad del Carmen and Villahermosa.
SOURCE Navix de Mexico, S.A.
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