IEnova’s $800 Million Offering

Cleary Gottlieb represented BBVA Securities Inc., BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Scotia Capital (USA) Inc., as initial purchasers, in a global bond offering of $800 million 4.75% senior notes due 2051 by Infraestructura Energética Nova S.A.B. de C.V. (IEnova).

The global 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 September 10, 2020, and is expected to close on September 15, 2020.

IEnova is a leading energy infrastructure company in Mexico with a successful track record in the development, construction, and operation of large energy projects. IEnova was one of the first private companies to enter the energy infrastructure business in Mexico in the mid-1990s following the changes to Mexican gas regulation in 1995. Sempra Energy, a San Diego-based utility and energy company, is the controlling shareholder of IEnova. Cleary previously represented the initial purchasers in IEnova’s initial public offering and follow-on offering, which was the largest equity capital markets transaction in Latin America in 2016, as well as in its debut investment grade global bond offering in 2017.