Baker McKenzie assisted lender Banorte in a US$90 million refinancing agreement with Otay-Tijuana Venture, LLC for the Cross Border Xpress, a pedestrian crossing that connects the Tijuana International Airport in Mexico with the San Diego customs terminal in the United States.
Built by Otay – Tijuana, the bridge, which opened for business in December 2015, was the first to connect a facility in the US directly into a foreign airport terminal. Spanning 390 feet, the CBX serves approximately 2.4 million passengers.
Baker McKenzie’s cross-border finance team advised on the credit and refinancing agreement and the reaffirmation of the US and Mexican guarantees and security package. The team comprised of lawyers from Mexico City, Chicago and Toronto included partners Antonio Ambrosi, Carlos Sagaón-Garza, Juan González, Kathryn Jonhstone and Jose Morán as well as associates Alfonso Martínez – Bejarano and Carlos Suarez.
Otay – Tijuana Venture, L.L.C was represented by Mayer Brown and Sheppard Mullin.