Axtel S.A.B de C.V.’s $500 Million Notes Offering


Paul Hastings, Cleary Gottlieb & Steen Hamilton and Ritch, Mueller, Heather y Nicolau advised on the transaction

Mexican telecommunications company Axtel, S.A.B. de C.V. finalized a new high yield senior notes offering. The offering involved the issuance of $500 million of 6.375% Senior Notes due 2024 pursuant to Rule 144A and Regulation S.

The underwriters involved were BBVA, Citigroup, J.P. Morgan and Santander.

This offering is the effective inaugural offering of the entity formed by the merger of Axtel and Alestra in late 2016. Axtel is the second largest fixed line telecommunications company in Mexico. The notes are guaranteed by certain subsidiaries of Axtel and Alestra. The issuer’s parent company, Alfa, S.A.B. de C.V., is one of the largest conglomerates in Latin America.

Paul Hasting advised with a team including Joy Gallup (Picture), Michael Fitzgerald, Pedro Reyes, Stephen Grace, Diego Ostos, and Alexander Gutierrez.

Cleary Gottlieb & Steen Hamilton advised BBVA, Citigroup, J.P. Morgan and Santander with Jorge Juantorena, Erika Nijenhuis, Manuel Silva, Karen Maulhardt, Shuangjun Wang, Morgan White–Smith and Rafael Villaran.

In Mexico, Ritch, Mueller, Heather y Nicolau advised BBVA, Citigroup, J.P. Morgan and Santander with Luis A. Nicolau Gutiérrez, Joshua Párraga Saggiante, Raúl Fernández Orendain and Luis Alonso Suárez.

Involved fees earner: Joshua Párraga Saggiante – Ritch, Mueller, Heather y Nicolau, SC; Raúl Fernandez Orendain – Ritch, Mueller, Heather y Nicolau, SC; Luis Nicolau Gutiérrez – Ritch, Mueller, Heather y Nicolau, SC; Joy Gallup – Paul Hastings; Michael Fitzgerald – Paul Hastings; Pedro Reyes – Paul Hastings; Stephen Grace – Paul Hastings; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; Karen Maulhardt – Cleary Gottlieb Steen & Hamilton; Shuangjun Wang – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton; Morgan White-Smith – Cleary Gottlieb Steen & Hamilton;

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

Clients: Citigroup Inc.; JP Morgan; Banco Santander Sa; Banco Bilbao Vizcaya Argentaria (Bbva); Axtel, S.A.B. de C.V.;

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Author: Ambrogio Visconti