Mexico’s $3.56 Billion Offering and $2.5 Billion Tender Offer

Cleary Gottlieb Steen & Hamilton, Sullivan & Cromwell and Ritch, Mueller, Heather y Nicolau advised on the deal

United Mexican States (Mexico) executed a registered offering of an aggregate of $1.46 billion 4.5% global bonds due 2029 and an aggregate of $2.1 billion 4.5% global bonds due 2050.

The new 2029 bonds were a reopening of a series that was originally issued on January 16, 2019. The offering launched on July 23, 2019, and closed on July 31, 2019.

Concurrent with the launch of the bond offering, Mexico also conducted a tender offer to purchase, for cash, certain series of outstanding bonds, which launched on July 23, 2019, and expired the same day, and was the largest tender offer by volume in Mexico’s history. It resulted in the repurchase of an aggregate of approximately $2.5 billion of outstanding debt across 14 series. BBVA Securities Inc., Credit Suisse Securities (USA) LLC, and Goldman Sachs & Co. LLC acted as underwriters for the bond offering and joint dealer managers for the tender offer.

Cleary Gottlieb represented the United Mexican States with a team including Nicolás Grabar (Picture), Elizabeth S. Freedman, Stephanie Fontana, Yongjin Chang, Anthony Thomas Yánez, Michael Eis, José Andrés de Saro and David Stewart Fisher.

Sullivan & Cromwell advised BBVA Securities, Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC with Christopher L. Mann, Robert S. Risoleo, Paul J. McElroy, Joaquín Pérez Alati and Chandler Harris.

Ritch, Mueller, Heather y Nicolau advised BBVA Securities, Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC with Carlos F. Obregón Rojo, Luis Nicolau Gutiérrez and Javier Barrera Gazcon.

Involved fees earner: Yongjin Chang – Cleary Gottlieb Steen & Hamilton; Jose Andres de Saro – Cleary Gottlieb Steen & Hamilton; Michael Eis – Cleary Gottlieb Steen & Hamilton; Stephanie Fontana – Cleary Gottlieb Steen & Hamilton; Elizabeth Freedman – Cleary Gottlieb Steen & Hamilton; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Anthony Thomas Yanez – Cleary Gottlieb Steen & Hamilton; Javier Barrera Gazcon – Ritch, Mueller, Heather y Nicolau, SC; Luis Nicolau Gutiérrez – Ritch, Mueller, Heather y Nicolau, SC; Carlos F. Obregón Rojo – Ritch, Mueller, Heather y Nicolau, SC; Chandler Harris – Sullivan & Cromwell; Christopher Mann – Sullivan & Cromwell; Paul McElroy – Sullivan & Cromwell; Joaquin Perez Alati – Sullivan & Cromwell; Robert Risoleo – Sullivan & Cromwell;

Law Firms: Cleary Gottlieb Steen & Hamilton; Ritch, Mueller, Heather y Nicolau, SC; Sullivan & Cromwell;

Clients: BBVA Securities Inc.; Credit Suisse Securities (USA) LLC; Goldman Sachs & Co.; United States of Mexico;