Comisión Federal de Electricidad in $615 Million Offering

Cleary Gottlieb represented long-time client Comisión Federal de Electricidad (CFE), the Mexican state-owned electric company, in a $615 million offering of 5% notes due 2049.

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

The offering priced on July 12, 2019, and settled on July 30, 2019. HSBC Taiwan, Morgan Stanley Taiwan, and Taishin International Bank acted as managers, and J.P. Morgan acted as structuring agent. CFE was the first Mexican issuer to access Taiwan’s Formosa bond market in June 2017, and this its third Formosa bond issuance since then. This is also CFE’s first U.S. dollar-denominated bond issuance since the new Mexican federal government took office in December 2018.

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