América Móvil in $1.1 Billion Offering

Cleary Gottlieb represented longtime client América Móvil, S.A.B. de C.V. (América Móvil) in an offering of Ps.20 billion (approximately $1.1 billion) aggregate principal amount of 10.3% senior notes due 2034 denominated and payable in Mexican pesos.

The offering was conducted as a takedown of America Movil’s SEC-registered shelf registration statement and the notes were concurrently offered in Mexico and registered with the Mexican Comisión Nacional Bancaria y de Valores (CNBV).

The concurrent registration in Mexico allowed the notes to be offered to retail and other non-institution investors in Mexico. The notes also clear on a fungible basis in the Mexican clearing system (Indeval), as well as the European clearing systems Euroclear and Clearstream.

América Móvil intends to allocate an amount equal to the net proceeds of the offering to finance or refinance, in whole or in part, expenditures and investments in new or existing “eligible projects” under América Móvil’s sustainable finance framework. The notes will be listed on the Luxembourg Stock Exchange and the Mexican Stock Exchange.

BBVA, Citigroup, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, and Santander acted as joint bookrunners. The transaction priced on January 24, 2024, and is expected to settle on February 1, 2024.

América Móvil is Mexico’s largest publicly traded company and the leading telecommunications services provider in Latin America. Cleary has advised América Móvil since 2000 on a wide variety of matters, including a substantial number of acquisitions and securities offerings.