América Móvil in $1 Billion Travel Bond
April 4, 2022
Cleary Gottlieb represented América Móvil S.A.B. de C.V. (América Móvil) as initial issuer in the Rule 144A/Reg S offering of $1 billion 5.375% senior notes due 2032.
América Móvil plans to spin off (through an escisión under Mexican law) certain of its telecommunications towers and other associated passive infrastructure outside of Mexico to a new company to be named Sitios Latinoamérica S.A.B. de C.V. (Sitios). Upon consummation of this spin-off, the 5.375% senior notes due 2032 will be assumed by Sitios, and América Móvil will be released from all of its obligations thereunder.
The offering launched on March 28, 2022, priced on March 30, 2022 and closed on April 4, 2022. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as global coordinators and joint bookrunners of the offering, and Barclays Capital Inc., BBVA Securities Inc., BofA Securities Inc., and Scotia Capital (USA) Inc. acted as joint bookrunners.
After giving effect to the spin-off, Sitios will control approximately 31,021 wireless telecommunications sites in Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Puerto Rico, and Uruguay, making it one of the largest owners, operators, and developers of wireless communications sites in Latin America in terms of number of sites.
América Móvil is a 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.