América Móvil in $1 Billion Notes Offering

February 25, 2005

Cleary Gottlieb represented Latin American telecom giant América Móvil in the sale of $1 billion 6 3/8% global notes due 2035.  Credit Suisse First Boston acted as underwriter in the transaction. The issuance was América Móvil’s first takedown under its recently established $2 billion shelf registration statement.  América Móvil is based in Mexico and is Latin America’s largest wireless telecommunications company.

The investment grade bond was priced to yield 6.40%, or 184 basis points above Treasuries, which is roughly 5 basis points tighter than the spread for Mexico’s sovereign bond maturing in 2034.  This transaction distinguishes América Móvil among Latin American companies as one of very few that have successfully tapped the U.S. long-term debt markets.  The last debt offering of similar maturity by a Latin American company occurred in January 2004 when Cleary represented Companhia Vale do Rio Doce in its issuance of a $500 million 30-year bond.

Cleary previously represented América Móvil in four Rule 144A bond offerings totaling $2.1 billion.