Comisión Federal de Electricidad in $1.25 Billion Note Offering

Cleary Gottlieb represented Comisión Federal de Electricidad, Mexico’s government-owned electric utility, in its Rule 144A/Regulation S offering of $1.25 billion aggregate principal amount of 4.875% senior notes due 2024. The offering priced on October 17, closed on October 24 and was underwritten by Barclays, Citigroup and Goldman Sachs. The transaction was CFE’s third debt offering in the international capital markets. Cleary Gottlieb also represented CFE in its debut $1 billion notes offering in May 2011 and its $750 million notes offering in February 2012.

CFE generates over 90% of the electricity consumed in Mexico and, under Mexican law, CFE has the exclusive right to transmit and distribute electricity in Mexico.