Femsa’s $300 Million Notes Reopening


Cleary Gottlieb represented Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) in the U.S.$300 million reopening of its 3.500% Senior Notes due 2050.

This offering was an SEC-registered takedown, and the notes will be listed on the New York Stock Exchange. The transaction priced on February 7, 2020 and closed on February 12, 2020.

This is FEMSA’s first reopening of the 3.500% Senior Notes due 2050, resulting in a total aggregate principal amount outstanding of U.S.$1.8 billion in this series.

BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as underwriters for the transaction.

FEMSA is a leading Mexican company that participates in the beverage industry through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world; in the retail industry through FEMSA Comercio, operating OXXO, the largest and fastest-growing chain of small-format stores in Latin America; and in the beer industry, as a shareholder of Heineken, one of the world’s leading brewers with operations in over 70 countries.

The Cleary team included partner Duane McLaughlin (Picture), associate Lizzie Gomez, and international lawyer Jose Andres de Saro. Associate Kylie Barza and law clerk Hunter McWinn provided tax advice.

Involved fees earner: Kylie Barza – Cleary Gottlieb Steen & Hamilton; Jose Andres de Saro – Cleary Gottlieb Steen & Hamilton; Lizzie Gómez – Cleary Gottlieb Steen & Hamilton; Duane McLaughlin – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA);

Author: Ambrogio Visconti