Comisión Federal de Electricidad’s $727 Million Formosa Bonds Offering


Cleary Gottlieb Steen & Hamilton, Lee and Li, Simpson Thacher & Bartlett and Ritch, Mueller, Heather y Nicolau advised on the deal

Comisión Federal de Electricidad (CFE), the Mexican state-owned electric company, executed a $727 million offering of 5.00 percent notes due 2048 to be listed in the Taipei Exchange.

HSBC Taiwan and E. SUN Bank acted as placement agents. Barclays and Morgan Stanley acted as structuring agent on the offering.

The offering priced on February 9, 2018, and settled on March 12, 2018. HSBC Taiwan and E. SUN Bank acted as managers and Barclays and Morgan Stanley acted as structuring agents. CFE was the first Mexican issuer to access Taiwan’s Formosa bond market in June 2017.

The proceeds from this offering will be used to finance electric infrastructure projects in Mexico.

Cleary Gottlieb Steen & Hamilton advised the Comisión Federal de Electricidad de México with Jorge Juantorena (Picture) Erika Nijenhuis, Miguel Álvarez, David Stuckey, Sergio Huerta Patoni, María Maldonado and Amy Hinz.

In Taipei, Lee and Li advised the Comisión Federal de Electricidad de México with Bessie Y. C. Su and Patricia Lin.

Simpson Thacher & Bartlett advised the bansk with Juan F. Méndez and Kirsten L. Davis.

Ritch, Mueller, Heather y Nicolau advised HSBC Taiwan, E. SUN Bank, Barclays and Morgan Stanley with Luis Nicolau Gutiérrez and Héctor Cárdenas Ortega.

Involved fees earner: Bessie Y. C. Su – Lee and Li; Patricia Lin – Lee and Li; Luis Nicolau Gutiérrez – Ritch, Mueller, Heather y Nicolau, SC; Héctor Cárdenas Ortega – Ritch, Mueller, Heather y Nicolau, SC; Juan Francisco Mendez – Simpson Thacher & Bartlett; Kirsten Davis – Simpson Thacher & Bartlett; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; Miguel Alvarez Malvido – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton; David Stuckey – Cleary Gottlieb Steen & Hamilton;

Law Firms: Lee and Li; Ritch, Mueller, Heather y Nicolau, SC; Simpson Thacher & Bartlett; Cleary Gottlieb Steen & Hamilton;

Clients: Barclays Bank; Morgan Stanley; E. Sun Commercial Bank; Comisión Federal de Electricidad (Mexico); HSBC Taiwan;

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Author: Ambrogio Visconti