$750 Million Bond Offering by Liverpool

September 30, 2016

Cleary Gottlieb represented initial purchasers Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC in a debt offering by El Puerto de Liverpool, S.A.B. de C.V.

The transaction consisted of a bond offering of $750 million 3.875 percent senior notes due 2026, issued and sold by Liverpool and guaranteed by its subsidiary Distribuidora Liverpool, S.A. de C.V. The offering was conducted as a private placement under Rule 144A of the Securities Act of 1933 and outside of the United States in reliance on Regulation S. The transaction priced on September 29, 2016, and closed on October 6, 2016.

Liverpool is the largest department store chain in Mexico in terms of number of stores and sales, and one of the leading online apparel retailers in the country in terms of sales. The proceeds of the offering will be used for general corporate purposes, including to finance capital expenditures and to finance a portion of the purchase price of certain proposed acquisitions.

This is the second Regulation S/144A offering by Liverpool for which Cleary has represented the initial purchasers, following its debut offering in 2014 of $300 million 3.950 percent senior notes due 2024.