Axo’s $325 Million Bond Offering

June 8, 2021

Cleary Gottlieb represented Morgan Stanley, BBVA, BofA Securities, and HSBC, as initial purchasers, in a debut global bond offering of $325 million 5.75% senior notes due 2026 issued by Grupo Axo S.A.P.I. de C.V. (Axo), which are guaranteed by several of Axo’s Mexican subsidiaries.

The offering was conducted as a private placement under Rule 144A under the Securities Act of 1933 and outside of the United States in reliance on Regulation S. The transaction priced on June 1, 2021, and closed on June 8, 2021. Axo will use the proceeds of the offering for repayment of indebtedness and general corporate purposes.

Axo is a leading Mexican multibrand fashion platform, with 27 years of experience distributing and operating a portfolio of nationally and internationally recognized brands. Axo owns the leading off-price retailer in Mexico; a subscription based, off-price online marketplace; and the leading streetwear sneakers platform in Mexico. In total, Axo operates 5,649 retail and wholesale points of sale and 14 online stores.