CFE in $900 Million Formosa Offering

March 6, 2020

Cleary Gottlieb represented longtime client Comisión Federal de Electricidad (CFE), the Mexican state-owned electric company, in a $900 million offering of 4.05% notes due 2050.

The notes will be dual listed on the Taipei Exchange and the Luxembourg Stock Exchange.

The offering priced on March 4, 2020, and is expected to settle on March 20, 2020. HSBC Taiwan, BNP Paribas Taipei, and Deutsche Bank Taipei acted as managers. CFE was the first Mexican issuer to access Taiwan’s Formosa bond market in June 2017, and this is its fourth Formosa bond issuance since then.

The proceeds from the offering will be used to finance electric infrastructure projects in Mexico.