Bimbo Bakeries USA’s $1 Billion Bond Offering and Concurrent Tender Offer

October 30, 2023

Cleary Gottlieb represented BBVA, BofA Securities, Citigroup, Morgan Stanley, and Rabo Securities, as initial purchasers, in a global bond offering by Bimbo Bakeries USA Inc. (Bimbo Bakeries USA) of its $450 million 6.05% senior notes due 2029 and its $550 million 6.4% senior notes due 2034.

The offering was conducted as a private placement in the United States under Rule 144A and an offshore offering in reliance on Regulation S. The transaction priced on October 30, 2023, and is expected to close on November 2, 2023

The bond offering was made concurrent with an offer to purchase for cash certain outstanding bonds of Grupo Bimbo S.A.B. de C.V. (Grupo Bimbo), which launched on October 30, 2023, and is expected to expire on November 3, 2023, and settle on November 8, 2023. Cleary represented Citigroup and Morgan Stanley, as joint dealer managers, in connection with the offer to purchase.

Bimbo Bakeries USA is a wholly owned subsidiary of Grupo Bimbo, a global consumer food company, the leader in the baking industry, and a key player in the snacks industry. Grupo Bimbo has a portfolio of more than 9,000 products spanning different categories and sold under their renowned brands. Founded in 1945, Grupo Bimbo has expanded significantly through a combination of steady organic growth and strategic acquisitions. As a result, it has become one of the largest baking companies in the world in terms of sales.