Coca-Cola FEMSA in $1.25 Billion Offering and Concurrent Liability Management

Cleary Gottlieb represented Coca-Cola FEMSA S.A.B. de C.V. (Coca-Cola FEMSA) in an SEC-registered offering of $1.25 billion 2.75% senior notes due 2030 and a concurrent liability management transaction consisting of an any and all offer to purchase the company’s 3.875% senior notes due 2023 and related consent solicitation.

The notes offering priced on January 8, 2020, and closed on January 22, 2020. The proceeds of the offering were used to repurchase and subsequently redeem the 2023 notes, and for general corporate purposes.

The tender offer launched on January 6, 2020, and its early settlement occurred on January 22, 2020. Approximately $501.8 million in principal amount of 2023 notes were tendered in the offer. On January 27, 2020, Coca-Cola FEMSA redeemed the remaining $398.2 million in principal amount of the 2023 notes outstanding.

BofA, Goldman Sachs, and Citigroup acted as underwriters for the notes offering and dealer managers for the tender offer and consent solicitation.

Coca-Cola FEMSA is the world’s largest bottler of Coca-Cola products by volume and produces and distributes Coca-Cola’s beverage products in several jurisdictions throughout Latin America.