Mexico’s $3.25 Billion Global Bonds Offering

Cleary Gottlieb represented the United Mexican States (Mexico) in the offering.

Mexico executed a registered offering of $3.25 billion 4.280% global bonds due 2041. The offering launched and priced on April 6, 2021, and closed on April 14, 2021.

Concurrent with the launch of the bond offering, Mexico also conducted a “switch” tender offer to purchase, for cash, certain series of outstanding bonds, which launched on April 6, 2021, and expired the same day. Tenderers could either “switch” into a specified series of new bonds by submitting an indication of interest concurrently with their tender or tender for cash. The tender offer resulted in the repurchase of an aggregate of approximately $700.6 million of outstanding debt across 9 series. 

BBVA Securities Inc., BofA Securities, Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC acted as underwriters for the bond offering and joint dealer managers for the tender offer.

In addition to paying the purchase price for the outstanding notes pursuant to the tender offer, Mexico used the net proceeds of the bond offering toward the payment of part or all of the redemption price of a portion of its outstanding U.S. dollar-denominated 4.000% global notes due 2023 and otherwise for its general financing purposes.

The Cleary team included partners Nick Grabar (Picture) and Jorge Juantorena and associates Stephanie Fontana, Olivia Wittels, and Eric Finkelberg. Partner Jason Factor, senior attorney David Stewart Fisher, and associates Benjamin Hanson and Michael Sims advised on New York tax matters.  All lawyers are based in New York.

Involved fees earner: Jason Factor – Cleary Gottlieb Steen & Hamilton; Eric Finkelberg – Cleary Gottlieb Steen & Hamilton; Stephanie Fontana – Cleary Gottlieb Steen & Hamilton; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Benjamin Hanson – Cleary Gottlieb Steen & Hamilton; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; Michael Sims – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Olivia Wittels – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: United States of Mexico;

Print Friendly, PDF & Email
Martina Bellini

Author: Martina Bellini

Mexico’s $3.25 Billion Global Bonds Offering

Cleary Gottlieb represented the United Mexican States (Mexico) in the offering.

Mexico executed a registered offering of $3.25 billion 4.280% global bonds due 2041. The offering launched and priced on April 6, 2021, and closed on April 14, 2021.

Concurrent with the launch of the bond offering, Mexico also conducted a “switch” tender offer to purchase, for cash, certain series of outstanding bonds, which launched on April 6, 2021, and expired the same day. Tenderers could either “switch” into a specified series of new bonds by submitting an indication of interest concurrently with their tender or tender for cash. The tender offer resulted in the repurchase of an aggregate of approximately $700.6 million of outstanding debt across 9 series. 

BBVA Securities Inc., BofA Securities, Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC acted as underwriters for the bond offering and joint dealer managers for the tender offer.

In addition to paying the purchase price for the outstanding notes pursuant to the tender offer, Mexico used the net proceeds of the bond offering toward the payment of part or all of the redemption price of a portion of its outstanding U.S. dollar-denominated 4.000% global notes due 2023 and otherwise for its general financing purposes.

The Cleary team included partners Nick Grabar (Picture) and Jorge Juantorena and associates Stephanie Fontana, Olivia Wittels, and Eric Finkelberg. Partner Jason Factor, senior attorney David Stewart Fisher, and associates Benjamin Hanson and Michael Sims advised on New York tax matters.  All lawyers are based in New York.

Involved fees earner: Jason Factor – Cleary Gottlieb Steen & Hamilton; Eric Finkelberg – Cleary Gottlieb Steen & Hamilton; Stephanie Fontana – Cleary Gottlieb Steen & Hamilton; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Benjamin Hanson – Cleary Gottlieb Steen & Hamilton; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; Michael Sims – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Olivia Wittels – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: United States of Mexico;

Print Friendly, PDF & Email
Martina Bellini

Author: Martina Bellini