46095 - Arrendamas

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Summary of Investment Information

Project Number

46095

Company Name

ARRENDADORA Y SOLUCIONES DE NEGOCIOS, S.A.P.I. DE C.V., SOFOM. E.N.R.

Date SPI Disclosed

Mar 29, 2022

Country

Mexico

Region

Latin America and the Caribbean

Projected Board Date

May 13, 2022

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Apr 17, 2026

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Jun 3, 2022
Signed : Dec 2, 2022
Invested : Dec 23, 2022

Sector

Leasing Services

Project Description

The proposed IFC investment consists of a 5-year (2-year grace) senior secured loan for up to MXN1,000m (~US$50 million equivalent, split into two commitments of US$25 million each), to a Special Purpose Vehicle (SPV or Trust). The Trust will hold assets that will be pledged and serviced by Arrendamas (Arrendamas or the Company), a medium size independent leasing company with over 16 years of experience in the Mexican market, supporting the small and medium enterprises (SMEs). The purpose of the IFC Loan is to provide the Trust with funding to purchase eligible leases from Arrendamas. Arrendamas, could use the proceeds from the sale of such leases to finance its portfolio of loans and leases to SMEs.

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	51.05
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to SME Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The most significant, anticipated Project-level impact is increased access to finance for SMEs in Mexico. Beyond the Project, IFC anticipates that the investment will contribute to promoting market competitiveness via the demonstration, innovation, and replication channels. The Project will continue to build on IFC’s asset based lending (ABL) work done in the past in the secured transactions framework by using the mechanism of ABL as the foundation for an innovative scheme aimed to create scale to efficiently address a market need. By diversifying Arrendamas’ funding sources, the Project will directly enhance the use of this kind of structure in the Mexican market. As seen in other existing ABL projects, the Project is expected to enhance the warehousing capabilities of Arrendamas and help them to continue issuing Asset Backed Securities in the Mexican capital market.

Through the Project, IFC will provide financial additionality in the form of structured financing based on leasing receivables and non-financial additionality in the form of standard setting. IFC’s financing structure additionality is based on a five-year senior loan with a two-year grace period, matched to the life cycle of the financed assets and on a non-recourse basis. IFC’s non-financial additionality is based on the development and implementation of the Company’s Environmental and Social Management System (ESMS), including by providing E&S risk management support and guidance.

E&S Category Rationale / Risks and Mitigation

The proposed IFC investment consists of a 5-year senior secured loan for up to US$50 million to a Special Purpose Vehicle (Trust). The Trust will hold assets that will be pledged and serviced by Arrendamas (the Company), one of the largest independent leasing companies in Mexico. The Company supports Small and Medium Enterprises (SMEs) through finance and operating leases. The E&S risks and impacts associated with leasing operations are considered to be of a low to medium nature. The company will not support investments involving IFC's exclusion list or coal-related activities. Therefore, the project has been categorized as FI-2 in accordance with the IFC's Sustainability Framework.

The main E&S risks and impacts related to the Project derive from the leasing company's capacity to develop and implement an adequate ESMS to assess and manage risks associated to its portfolio and pipeline, including the safe operation and maintenance of the pledged assets. Potential risks of these types of projects are low to medium in E&S risk nature, and may include occupational health and safety, labor and working conditions, and solid waste and wastewater management. Arrendamas does not have an ESMS in place, therefore, as part of this transaction, the Company shall implement an ESMS commensurate to its potential pipeline and portfolio, implementing onboarding procedures for screening new clients against the IFC's exclusion list and the applicable E&S national laws. Additionally, the company shall designate an E&S Officer, responsible for implementing and managing the ESMS. The client will remain committed to meet the labor standards under PS2 and submit an annual E&S report.

Contacts

For Inquiries About the Project, Contact

Arrendamas
Mariana Padilla
CFO
+52 (33) 3641 455
mpadilla@arrendamas.com
Ontario #1107-4, Col. Lomas de Guevara, C.P. 44657, Guadalajara, Jalisco, Mexico
https://www.arrendamas.com

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Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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Task Title & Description	Anticipated Completion Date
Nominate officers	04/28/2022
Establish SEMS	05/15/2022

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