Banorte’s $500 Million Tier 2 Notes Offering

Cleary Gottlieb represented J.P. Morgan, Merrill Lynch and Morgan Stanley as representatives of the initial purchasers in a debt offering by Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte.

The transaction consisted of an offering of $500 million 5.750 percent subordinated preferred capital notes due 2031. Application will be made to have the notes listed on the Singapore Stock Exchange, and Banorte will use the proceeds of the offering to strengthen its regulatory capital and for general corporate purposes. 

The transaction priced on September 29, 2016, and closed on October 4, 2016.